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This course uses a fascinating case study on accounting frauds at Koss Corporation to demonstrate the importance of internal controls, management oversight by the board of directors and an organizational emphasis on ethics in the prevention of fraud. It also examines the CPA auditor’s responsibility for internal controls and the prevention and detection of fraud as part of its work.

Learning Objectives

  • Recognize the SEC rules regarding smaller reporting entities.
  • Recognize the auditor responsibility for client internal controls.
  • Identify the Koss Corp. embezzlement and financial statement fraud with inadequate internal controls.
Last updated/reviewed: September 13, 2020

1 Review (2 ratings)Reviews

4
Anonymous Author
This is an interesting case study. A good reminder of the importance of internal controls.

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:10Introduction to Koss Corporation – A Case Study in Fraud
  8:12KOSS Company Overview
  8:26Overview of the Fraud
  10:46Internal Control Issues
  8:49How Was the Fraud Discovered?
  5:42Lesson Learned
  0:50Case Summary
CONTINUOUS PLAY
  44:55Koss Corporation – A Case Study in Fraud
SUPPORTING MATERIAL
  PDFSlides- Koss Corporation – A Case Study in Fraud
  PDFKoss Corporation – A Case Study in Fraud Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM