You have been hired by Bright IDEAs, Inc. to perform an accounting review and fraud investigation. Mr. Curt Cuthbert, CFO, has engaged you and your company for three primary purposes:
- Identify and make recommendations on improving internal controls, particularly in Accounts Receivable,
- Investigate potential fraud and,
- Identify obsolete stock and make recommendations on the calculation of inventory provisions
Mr. Eric Bright is the CEO of Bright IDEAS, Inc. Your assignment is to perform the analysis and investigation using IDEA Data Analysis Software. The steps for the analysis and investigation are included in the IDEA workbook. This workbook will walk you through the data analysis step-by-step.
The next step, and the heart of the project, is to produce a report for Mr. Cuthbert, Mr. Bright, and the board of directors of Bright IDEAS, Inc. Your report should include the following:
- Background of the engagement
- Your curriculum vitae
- Executive Summary (no more than two pages)
- Scope and Methodology
- Detailed Findings for: ONLY WORK ON THIS PART (A,B and C)
- Accounts Receivable Review
- Accounts Payable Review and Fraud Investigation
- Inventory Analysis
- Conclusion and Recommendations
The report should be double-spaced and writing and formatting should meet professional standards befitting an executive report from your consulting company. You may find Chapter 10 in the textbook, which addresses Fraud Reports, particularly helpful. I have also posted a Project Discussion Forum to address questions and discussion about this project. Please post any questions there, as they are certain to benefit your fellow classmates.
Your report should be submitted online via Canvas by the due date. Only one submission per group.
Final thought – While you are to use data and results from the data files and IDEA workbook exercises as the basis of your investigation and report, all details are not provided. You have the opportunity to make this a fun and valuable exercise by using your creativity to weave a story around the data you have. Feel free to use your imagination to fill in gaps or to create a story for your report.
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