Carolina Wilderness Outfitters In the case study Carolina Wilderness Outfitters, Sue Ramos the head of internal auditing, launched an investigation based on improper termination, which turned up a new allegation of possible accounting irregularities and potential fraud. A month previously Ramos received a phone call to a company hotline from fired employee, Betty Koster, who had been working in the accounting department for the past 8 years and believed that her termination was based on age discrimination. As Ramos already knew from her experience, calls from employees usually lead to investigation and should be handled immediately in order to avoid any possible lawsuit. When Ramos conducted a second call to the employee, Koster was very emotional and revealed new information about possible noncompliance with accounting procedures.
Anti-Fraud Collaboration issues case study
Carolina Wilderness Outfitters Case Study by Hui J
Sponsored by the Los Angeles Chapter of The Institute of Internal Auditors IIA , the competition brought together the best and brightest accounting and auditing students in the LA area to analyze and present their case for responding to potential material fraud at a fictitious public company. The Collaboration represents the efforts of the Center for Audit Quality, Financial Executives International, The Institute of Internal Auditors, and the National Association of Corporate Directors, organizations that actively engage in efforts to mitigate the risks of financial reporting fraud. The case study was released earlier this year to raise awareness of environments in which financial reporting fraud might flourish. By describing a potential material fraud in a fictional company, the case study serves as a catalyst for an interactive discussion about what audit committees, financial executives, and internal and external auditors could do to mitigate the risk of fraud.
Carolina Wilderness Outfitters : Case Study
These four organizations have formed the Anti-Fraud Collaboration to actively engage in efforts to mitigate the risks of nancial reporting fraud. The Collaborations goal is to promote the deterrence and detection of nancial reporting fraud through the development of education, programs, tools and other related resources. For more information about the Anti-Fraud Collaboration and its resources please visit www. One month earlier, following an ex-employees call to the companys ethics hotline, Ramos launched what had seemed like a routine investigation into a claim of improper termination.
The Anti-Fraud Collaboration continues to build awareness of financial fraud detection and deterrence with the release today of a second, innovative case study for members of the financial reporting supply chain. The Carolina Wilderness Outfitters Case Study explores potential material fraud at a fictitious public company. The hypothetical examination is designed to facilitate a discussion of how and when to conduct an internal investigation when fraud is suspected in an organization. The Anti-Fraud Collaboration represents the collaborative efforts of the Center for Audit Quality, Financial Executives International, The Institute of Internal Auditors and the National Association of Corporate Directors, organizations that actively engage in efforts to mitigate the risks of financial reporting fraud.