SECTION ONE   - FRAUD CASES: VIOLATIONS OF GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

 Case 1.1  Waste Management: The Matching Principle

Case 1.2  WorldCom: The Revenue Recognition Principle

Case 1.3  Qwest: The Full Disclosure Principle

Case 1.4  Sunbeam: The Revenue Recognition Principle

Case 1.5  Waste Management: The Definition of an Asset

Case 1.6  Enron: The Revenue Recognition Principle

Case 1.7  WorldCom: The Matching Principle

Case 1.8  The Fund of Funds: The Conservatism Constraint

Case 1.9  Qwest: The Revenue Recognition Principle

Case 1.10  The Baptist Foundation of Arizona: The Conservatism Constraint

SECTION TWO  - ETHICS AND PROFESSIONAL RESPONSIBILITY CASES

Case 2.1  Enron: Independence

Case 2.2  Waste Management: Due Professional Care

Case 2.3  WorldCom: Professional Responsibility

Case 2.4  Enron: Quality Assurance

Case 2.5  Sunbeam: Due Professional Care

Case 2.6  The Fund of Funds: Independence

SECTION THREE   - FRAUD AND INHERENT RISK ASSESSMENT CASES

Case 3.1  Enron: Understanding the Client’s Business and Industry

Case 3.2  The Baptist Foundation of Arizona: Related Party Transactions

Case 3.3  WorldCom: Significant Business Acquisitions

Case 3.4  Sunbeam: Incentives and Pressure to Commit Fraud

Case 3.5  Qwest: Understanding the Client’s Business and Industry

Case 3.6  The Fund of Funds: Related Party Transactions

Case 3.7  Waste Management: Understanding the Client’s Business and Industry

SECTION FOUR   - INTERNAL CONTROL SYSTEMS: ENTITY-LEVEL CONTROL CASES

Case 4.1  Enron: The Control Environment

Case 4.2  Waste Management: Information Technology General Controls

Case 4.3  The Baptist Foundation of Arizona: The Whistleblower Hotline

Case 4.4  WorldCom: The Internal Audit Function

Case 4.5  Waste Management: Top-Side Adjusting Journal Entries

SECTION FIVE   - INTERNAL CONTROL SYSTEMS: CONTROL ACTIVITY CASES

Case 5.1  The Fund of Funds: Valuation of Investments

Case 5.2  Enron: Presentation and Disclosure of Special-Purpose Entities

Case 5.3  Sunbeam: Completeness of the Restructuring Reserve

Case 5.4  Qwest: Occurrence of Revenue

Case 5.5  The Baptist Foundation of Arizona: Presentation and Disclosure of Related Parties

Case 5.6  Waste Management: Valuation of Fixed Assets

Case 5.7  Qwest: Occurrence of Revenue

APPENDIX   - COMPANY CASES

Case A.1  Enron

Case A.2  Waste Management

Case A.3  WorldCom

Case A.4  Sunbeam

Case A.5  Qwest

Case A.6  The Baptist Foundation of Arizona

Case A.7  The Fund of Funds