Detection and Prevention of Fraudulent Financial Statements

Detection and Prevention of Fraudulent Financial Statements

Overview: Journal activities in this course are private between you and the instructor. In this journal, you will reflect on the impact of fraud by specifically looking at regulations that have been put into place in the United States. Use the journal to collect ideas for your final project. Review this tutorial for information on creating a Blackboard journal entry.

Prompt: Reflect on the impact of fraud, specifically the regulatory acts, the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which have been put into place due to the many fraud cases in the early 2000’s.

In addition, use your knowledge of how the above regulations impacted the field and discuss how the outcome of the Crisis at the Mill: An Indian Turn Around case study has affected the field of accounting and auditing in the future.

The following items affect both the understanding of and reasons for fraud and will help guide you as you complete your project.

Specifically the following critical elements must be addressed:

1. Impact of Fraud: Explain the impact of fraud on society.
2. Regulatory Acts A. Sarbanes-Oxley Act of 2002: Explain the act and what caused this act to be passed by the U.S. legislature. B. Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010: Explain the act and what caused this act to be passed by the U.S. legislature.

• Impact on Accounting and Auditing: Examine the impacts of the outcome in the Crisis at the Mill: An Indian Turn Around case study on the field of accounting and auditing.

Your journal should be 2  pages APA style.