Koss Corporation –This case study examines a $34 million embezzlement that grew over the span of 10 years at a small public company with revenues of approximately $40 million. It is the story of a shopaholic VP of Finance, ineffective internal controls, collusion to conceal a massive theft, and lots and lots of luxury item purchases. The embezzlement and the related financial statement fraud to conceal it, the internal controls (or lack of them), the role of Sarbanes-Oxley and the audit firm are all discussed.
Delivery Method: Online QAS Self -Study
Advanced Preparation: None