Please do answer the discussions as mentioned in the attachment.

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Please do answer the discussions as mentioned in the attachment.


Please answer to all this discussion below regarding and. Make short jf necessary please please answer them in orders. Acc 308 Discussions I- COSO's Internal Control Framework · There are five components of COSO's internal control framework. They are often referred to by the acronym C.R.I.M.E. · Control environment. · Risk assessment. · Information and communication. · Monitoring activities. · Existing control activities. · Find a news story or case where a company was impacted by a fraudulent event or an ethics violation. Explain where the internal controls of this company failed using the COSO C.R.I.M.E. framework. Acc 401 Variable Interest Entities II- Please respond to the following: · Provide at least two reasons and support your rationale for the U.S. GAAP treatment of reporting additional investments in subsidiaries when the parent establishes control compared to the IFRS treatment, such as evaluating the usefulness to investors of the post-control step acquisitions. ACC 306 Depreciation Calculations III- One of the main features of Excel is its ability to perform calculations without needing a calculator. In this week's activities, you learned how to prepare a depreciation schedule and compute depreciation using Excel formulas. · How does Excel make it easier for an accountant to prepare a depreciation schedule and compute depreciation? · How can you use the program to perform calculations in your personal financial life, based on what you learned this week about Excel? How will doing so help you become more organized in your own personal financial life?
Answered 8 days AfterApr 12, 2024

Answer To: Please do answer the discussions as mentioned in the attachment.

Nitish Lath answered on Apr 20 2024
5 Votes
Solution 1
The COSO framework can be defined as enterprise risk management framework which mainly focuses on creation of a strong link between strategy, risk and business performance. The framewo
rk is mainly used to implement internal controls into business processes and to bring greater transparency in business processes and operations. The breach of any component of COSO framework can be resulted into a big scam and Enron scandal was one of the classical example of breaching of principles of COSO framework. The detailed analysis of fraud can be understood for five components in detailed manner as per below analysis:
1. Control environment- Under control activities, the internal controls are put in place so that the business processes are followed smoothly and without any fraudulent activities. In case of Enron, it was clearly breached and there were lack of effective internal controls.
2. Risk assessment and management- The lack of risk assessment and management was clearly absent in case of Enron. The company used mark to market accounting and it resulted in wrong accounting disclosures and put the faith of investors in vein.
3. Control activities- The control activities are tied with concept of risk management and the control activities were clearly absent in case of Enron scandal. The company was transferring funds in SPVs to show main holding company as debt free and there was clearly no control over funds movement (Brein Posey, 2020).
4. Information and communication – The management of Enron was disguising various facts and was not disclosing fraudulent activities to its shareholders. There was clear lack of transparency in communication system and no industry standard practices were followed by the entity.
5. Monitoring- There was no monitoring of transactions in case of Enron and it resulted in a big scam.
Solution 2
US GAAP are the accounting standard guidelines issued by FASB and US GAAP are mostly applicable for the...
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