Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

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Multiple Choice

Which of the following failed to stop the widespread fraud at Wells Fargo?

Robust whistleblower protections

Comprehensive employee training on ethics

Strong external audits

Ineffective internal controls

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Verified step by step guidance

Understand the concept of internal controls: Internal controls are processes and procedures implemented by a company to ensure the integrity of financial and operational information, compliance with laws and regulations, and prevention of fraud.

Analyze the role of whistleblower protections: Whistleblower protections are designed to encourage employees to report unethical or illegal activities without fear of retaliation. Evaluate whether these protections were robust enough to address the fraud at Wells Fargo.

Evaluate employee training on ethics: Comprehensive ethics training aims to educate employees about ethical behavior and decision-making. Consider whether the training was effective in preventing unethical practices at Wells Fargo.

Assess the effectiveness of external audits: External audits are conducted by independent parties to verify the accuracy of financial statements and compliance with regulations. Determine whether these audits were strong enough to detect and prevent fraud.

Focus on the importance of internal controls: Ineffective internal controls are often a root cause of widespread fraud. Examine how the lack of proper internal controls contributed to the fraudulent activities at Wells Fargo and why they failed to prevent the issue.