Undertook Brainstorming of Possible Areas of Fraud - Accounting and Finance Assignment Help

Assignment Task:

Task:

Introduction

You are a senior auditor for the public accounting firm, PWMG, Ernst and Deloitte, LLP in Chicago. The Munich office of your firm is the lead office for the audit of Wachstumsbranche, AG (WB). The partner-incharge of the audit is Ms Leni Seinfeld. The company is headquartered in Gauting, Germany, which is part of the Munich metropolitan area. WB is listed on the Frankfurt, London and Nasdaq Stock Exchanges. The company manufactures products in a variety of industrial markets. In the USA, WB (USA), Inc. is the 100% owned subsidiary of WB. WB (USA) distributes products from its headquarters in Bedford Park, IL in the South-West suburbs of Chicago.

Products are also manufactured at three factories in the mid-West. WB (USA) has 99 customers, many of which have been clients for more than 20 years. These customers are a mixture of industrial corporations that are manufacturers, are value added resellers or are wholesalers in particular market or geographical segments. Your task Your office is in charge of the audit of WB (USA), Inc., reporting to the Munich office. As required under SAS 99 your team undertook brainstorming of possible areas of fraud. This year, the audit plan calls for identification of possible fraud by WB (USA) management by sales of WB products through front companies. In the brainstorming session, particular attention was paid to the problem with front companies where sales are pumped to the front company but where the front company does not actually pay in cash for the products they receive. The audit plan calls for identification of possible “front companies” who buy product from WB and sell in the secondary market.

Your task is to identify customers who are “front companies” – if they exist. Data You receive the following data from the Controller of WB (USA), Inc. in Excel format. Your staff auditor confirms that this information ties to the Trial Balance and accounting records: Customer Locations This data provides information on all the locations where sales are made:

• Customer # (Character data type)

• Name

• Street

• City

• State

• Zipcode

• Latitude 

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