Question 1) (20 pts) United States Securities and Exchange Commission sued Dean L. Buntrock, Phillip B. Rooney, James E. Koenig, Thomas C. Hau, Herbert A. Getz, and Bruce D. Tobecksen on August 29, 2005 due to FRAUD ACTION. The litigation release no: 19351 is available at the following link. https://www.sec.gov/litigation/litreleases/lr19351.htm
Read the release, and a) List the fraudulent actions given in the third paragraph. (5 pts) a) Select TWO of the fraudulent actions you listed in (a) and explain possible effects of each action
on the balance sheet and income statement of the company. (15 pts) (7.5 pts per action, 100 words per action)
Question 2) (40 pts) FY2019 financial report of OOREDOO is available at the following link. https://cis.boursakuwait.com.kw/Portal/FData/613_BL_2019_9_E_92202011507282.pdf Select any 4 of the red flags explained in Chapter 3 of your textbook (see Step 4- Accounting Analysis) and evaluate OOREDOO’s 2019 financial report in terms of each of those 4 red flag items you selected. (100 word per red flag and 10 pts per red flag)
Question 3) (40 pts)
Required: Based on your knowledge of the fashion industry, discuss for each of the above policies why the accounting policy considered as KEY ACCOUNTING POLICY by one or more of the firms operating in fashion industry. (8 pts per policy, 80 words per policy)
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