ZZZ Best Company, Inc. fraud
Summary :
Table of Contents
- Review and audit.
- Limitations of the evidence.
- Corroborating assertions.
- Improper conclusion.
- Predecessor-successor.
- Confidentiality Agreement.
- Press release.
- Conclusion.
Abstract
Barry Minkow precociously committed fraud at the age of 16 by forging credit card signatures. As an adult he was resolute in defrauding investors of zzz best company, inc. through inventive hoaxes involving insurance restoration projects. zzz best company, inc. was essentially in the business of fraud.
Investors relying upon Ernst & Whinney's review report of the company's quarterly statements would not have the same level of assurance as an audit. The difference in assurance arises because of the objectives are different. The objective of a review is "to provide the accountant with a basis for communicating whether he or she is aware of any material modifications that should be made to the interim financial information for it to conform with generally accepted accounting principles" (SAS 100). The objective of an audit according to SAS No. 100 "is to enable auditors to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework".
Investors relying upon Ernst & Whinney's review report of the company's quarterly statements would not have the same level of assurance as an audit. The difference in assurance arises because of the objectives are different. The objective of a review is "to provide the accountant with a basis for communicating whether he or she is aware of any material modifications that should be made to the interim financial information for it to conform with generally accepted accounting principles" (SAS 100). The objective of an audit according to SAS No. 100 "is to enable auditors to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework".
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