The Violet Bay School INTRODUCTION According to the Government Accounting Standards Board (GASB), the objective of financial reporting is to assist a government entity in fulfilling its obligation to be publicly accountable and to enable users to assess accountability (GASB 2007; Government Accountability Office [GAO] 2007). Budgeting, a process whereby government administrators forecast expected revenues and identify planned expenditures, is an integral part of accountability, and the extent to which
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The Fraud Triangle Have you ever heard of the “80/10/10” saying? It suggests that 10 percent of the population is honest; they will not lie, steal or cheat under any circumstances. Another 10 percent of the population is dishonest and will participate in criminal activities whenever they can. The remaining 80 percent, given sufficient pressures and the right opportunity may behave unethically. This is the first in a series of newsletters dealing with fraud, internal control and fraud awareness, and
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September 29, 2004 The Role of Internal Auditing in Enterprise-wide Risk Management In conjunction with the newly released Committee of Sponsoring Organizations of the Treadway Commission (COSO) Enterprise Risk Management - Integrated Framework, The Institute of Internal Auditors (IIA), in coordination with its IIAUK and Ireland affiliate, has issued a position paper on The Role of Internal Audit in Enterprise-wide Risk Management. The paper's purpose is to assist chief audit executives (CAEs)
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RA Insurance Company: Risk assessment and internal controls Maastricht University School of Business and Economics Maastricht, 20 September 2013 Abel, S. I6077467 Isenia, N. I6064905 Liu, B. I6063209 Study: MSc IB Controlling Course code: EBC4069 Group number: 3 Tutor name: R. Maessen Writing assignment: Case Study RA The case study “ RA (Rest Assured) Insurance Company concerns a company that was involved in a large life insurance scam. RA was facing several risks that had a dramatic impact
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55% de sus ingresos y que, sin embargo, en el último mes ha visto reducido su margen bruto de 35% a 22%. Ello hace que se cuestionen el método de costeo que vienen utilizando: costeo tradicional el cual es menos eficiente porque no distribuye los cosos equitativamente entre los diferentes productos. Es en base a una cuantificación de costos directos e indirectos y en estimaciones respecto a la producción y ventas. 2. ¿De qué manera la contabilidad de costos influye en el problema? El sistema
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Actors: Encik Selamat, Certified Public Accountant General Manager of Excel Poultry & Meat Sdn Bhd, Ms.Choy, credit controller, Issues: 1. Increase in production costs caused decreased in demand. 2. Operating cash running low. 3. Increase in short-term borrowing. 4. Poor internal control. a. Cold Gold outstanding account receivable for substantial period, as En.Selamat was best friend of Director of Cold Gold during college days, therefore
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|Case study : 2 | |Internal Control Evaluation | |LJB Company | |
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guaranteeing that all enterprises take after particular systems for monetary reporting. Overview Our firm recommends that your company adopt the necessary framework set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) so that the company will be in compliance with SOX Act. There are five principles of internal control that LJB should implement and adhere to: * Establishment of
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Part 1 After watching the “Rogue Trader”, we can say that the main reason for the collapse of Baring Banks is the lack and inadequate internal controls under COSO combine with Nick’s fraudulent activities. The biggest deviation arises from the control activities, particularly the segregation of duties. When Nick Leeson got the job opportunity in Singapore, he was hired as the general manager of the trading floor and also was the person responsible for the settlement which means that he was making
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internal controls, as they are just procedures and guidelines for preventing harassment and racial discrimination within the company, but they don’t involve the members of the organization and do not constitute of a process, but merely of guidelines. COSO defines internal control as “a process, effected by an entity’s board of directors, management and other personnel. This process is designed to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of
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