ACCOUNTING-Search the Securities and Exchange Commission’s (SEC) website

QUESTION

Who has been Cooking the Books?1) Search the Securities and Exchange Commission’s (SEC) website under the Accounting andAuditing Enforcement Releases section (http://www.sec.gov/divisions/enforce/friactions.shtml)2) Identify 1 company that has been investigated by the SEC for improper or fraudulentaccounting. For example, suppose you are interested in companies that have manipulatedincome tax expense in order to increase net income. If you type “tax expense”, you will see thatConAgra Foods, Inc. had an SEC investigation related to this issue in 2007.3) Read the Accounting and Auditing Enforcement Release to find the main points of whathappened at the company and of what they were accused.4) If your company is accused of multiple different frauds, you can pick the one fraud that interestsyou and ignore the other frauds.5) Find the company’s financial statements for the last year when the company committed thefraud. For example, if your company was charged with the fraud over the years 1999-2001, youcan look at only the 2001 financial statements from the 10-K.6) You can find the annual financial statements (10-K) at the SEC website as well(http://www.sec.gov/edgar/searchedgar/companysearch.html).7) Below would be a listing of ConAgra’s financial statements. You can search for the 10-K for yourcompany the same way.8) Write a 1 page summary of how the company actually committed the fraud (double-spaced, 1inch margins, Times New Roman, 12 font). Also, describe whether this type of fraud would beeasier or more difficult to commit under International Financial Reporting Standards and why.9) Hand in your 1 page summary and screenshots of the main financial statements (incomestatement, balance sheet, statement of cash flows). If you use Word, you can just insert picturesof the financial statements in the same document.10) Please UPLOAD project to Blackboard. You will see “Project” in the “Assignments” folder. If youdo not upload to Blackboard, you will not receive credit. You can earn up to 2% points of finalgrade.11) The due date is Wednesday, December 9, 2016 by 5:00 pm. Submissions after this date will notbe accepted.

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