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Money related Reporting and the Governing body
Money related Reporting and the Governing body - PowerPoint PPT Presentation
Money related Reporting and the Governing body Michael R. Youthful Willkie Farr and Gallagher Three Subjects The Root of Money related Misrepresentation Disappointments of Location The Part of the Review Board of trustees The Inception of Monetary Extortion Bookkeeping Anomalies (1) Forceful Budgetary Target
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Financial Reportingand the Board of Directors Michael R. Young Willkie Farr & Gallagher
Three Topics • The Origin of Financial Fraud • Failures of Detection • The Role of the Audit Committee
Accounting Irregularities (1) Aggressive Financial Target (2) Failure Unforgivable
Accounting Irregularities (1) Aggressive Financial Target (2) Failure Unforgivable
Shipment Acceleration • Reserve Reduction
Shipment Acceleration • Reserve Reduction
Shipment Acceleration • Reserve Reduction • Bad Accounts Receivable
Shipment Acceleration • Reserve Reduction • Bad Accounts Receivable • Expense Recognition Delay
Shipment Acceleration • Reserve Reduction • Bad Accounts Receivable • Expense Recognition Delay • Intercompany Credits
Acquisition Reserve Adjustments • Inventory “In Transit”
Acquisition Reserve Adjustments • Inventory “In Transit” • Phantom Inventory
Acquisition Reserve Adjustments • Inventory “In Transit” • Phantom Inventory • Phony Shipments
Acquisition Reserve Adjustments • Inventory “In Transit” • Phantom Inventory • Phony Shipments • General Ledger Revisions
Failure of Detection: The Outside Auditor
Failure of Detection: Internal Audit
Failure of Detection: The Audit Committee
The New Rules • Power & Authority • Independence • Financial Sophistication • Diligence
A Practical Approach • The “Tone at the Top” • Logistical Capability • Detection of Misreporting
Financial Reportingand the Board of Directors Michael R. Young Willkie Farr & Gallagher