Koss Corporation

Koss Corporation

“Koss Corporation”  Please respond to the following:

• From the case study, contrast the responsibilities of the independent auditor and board of directors with the responsibilities of Koss management for the embezzlement. Indicate the party that was ultimately responsible for the embezzlement. Provide support for your rationale.
• Recommend two controls that you would establish at Koss Corporation over electronic fund transfers. Indicate how each of the recommended controls would minimize the exposure to fraud in the future. Provide support for your recommendations.

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Before The Sarbanes-Oxley Act of 2002 came into being it was not a must for public companies to include an independent auditor in their businesses. This Act was enacted to improve accountability and effective management in corporations which had been compromised by various scandals which had affected some organizations leading to losses. Prior to this, corporations used to suffer losses and funds embezzlement and the people in charge of managing finances used to cover up for these activities. These would result to massive losses and compromise of people’s integrity…..

APA

537 words