COMSATS University Islamabad Lahore campus

Department of Management Sciences

Assignment – SP-2021
Course Title: Auditing Course Code:  MGT-370 Credit Hours: 3(3,0)
Course Instructor/s: Rashid Waheed Qureshi Programme BSAF
Semester: 4th Batch: BSAF Section: Name:
A Date:
Time Allowed: 16 may 2021 (last day)
th
Maximum Marks: As per CUI Policy
Student’s Name: Reg. No.

Important Instructions / Guidelines:

 Read all the questions carefully.

 Copying of information from any source is prohibited.
 No assignment will be acceptable after deadline.
 Solve the scenario in your own handwriting on A4 paper and then take a picture through camscan and
send to my email address: rwqureshi@cuilahore.edu.pk (file must be in pdf mode)
 Submission date 16 May 2021(through email)
 Two members in a group

 Select any case from the list given below.

 Selected case of every group must be different from the other (consult and inform your CR
beforehand)
 Give brief introduction of company/ business.
 Describe the nature of fraud.
 Elaborate how fraud was cooked/ conducted.
 What penalties/ punishment was imposed legally.
 Highlight the responsibility of auditor/ audit firm.
 Highlight the responsibility of general public.

List of Frauds:

1. ENRON SCANDAL (2001)

2. WORLDCOM SCANDAL (2002)
3. TYCO SCANDAL (2002)
4. HEALTHSOUTH SCANDAL (2003)
5. FREDDIE MAC SCANDAL (2003)
6. AMERICAN INTERNATIONAL GROUP (AIG) SCANDAL (2005)
7. LEHMAN BROTHERS SCANDAL (2008)
8. SATYAM SCANDAL (2009)
9. THE OLYMPUS SCANDAL OF 2011
10. DYNAMIC LIFE (GREECE)
11. NIKKO CORDIAL (JAPAN)
12. WIRECARD’S COLLAPSE
13. LUCKIN COFFEE’S FROTHY FINANCES
14. TESLA’S LOCKDOWN DEFIANCE
15. PPP (PAYCHECK PROTECTION PROGRAM) FRAUD
16. WELLS FARGO