functions, Taxation ,Accounts and Internal Audit. ← Demonstrated ability in improving the profitability of the company through change in organization focus and introduction of new, efficient systems and processes. ← Proven ability to improve operations, impact business growth & maximize profits through achievements in finance management, cost reductions, internal control & productivity improvements. ← Distinction of designing and implementing internal control systems to make business processes
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Table of Contents Introduction……………………………………………………………………………………..1-2 Issues………………………………………………………………………………………………2 The Discovery of Fraud……………………………………………………………………..…..3-4 Corporate Governance of FCB……………………………………………………………………5 Auditor Dilemma……………………………………………………………………….……….5-7 Using the Fraud Triangle Model to analyze the situation in Flat Cargo Berhad……………..…8-9 Who is responsible in the fraud of Flat Cargo Berhad ……………………………………..…10-11 Prevention Measures for Fraud ………………………………………………………………
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due care when discovering the major internal control weakness and highlighted it to the team leader. However, the audit team leader did not discussed the issue with the management, so he has not performed due care in auditing Prospek Teguh Sdn Bhd. (ii) If a lawsuit is initiated by Oct Bank against Nadyah & Sarinah, the auditor would probably be liable. This is because, as the auditor, they were responsible in reporting any weaknesses in internal control to the management. In this case, the
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to perform an audit of KFF internal controls. In order to do this we will take a look at the different types of audits that maybe used for each process. Then recommend the audit that will most fit the needs of KFF as well as give an explanation of how the audit will be conducted. KFF will also be informed of events that might prevent the reliance on auditing through the computer. An audit for IT involves evaluating the computer’s role for achieving audits and control objectives. These audits
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material weakness in internal controls that are noted in audit reports. It clarifies standards and provides guidance on communicating matters related to an entity’s internal control over financial reporting identified in an audit of financial statements. The new SAS No. 115 is going to affect this department in three different ways: 1. It defines three categories of control deficiencies that may be identified during the external audit of the financial statements: control deficiencies, significant
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I need help with 5 Auditing questions. I would like someone else’s answers to compare to. I would like an original answer only please. Need this by Monday 5pm Central Time. 1. (Analytical procedures) In audit planning the audit of Construction Industry Resources, Inc., a building supply company. You have completed analytic procedures relevant to purchases and inventory. The results of these procedures are included in Figure 8.13. Figure 8.13. Selected Financial Information ($000)
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Sarbanes-Oxley Act (SOX) of 2002 Topics Covered: How SOX affects the following: CEO’s and CFO’s of Public Companies Outside Independent Audit Firms SOX section 404 on Internal Control The Main Advantages and Disadvantages of SOX Executive Summary The Sarbanes-Oxley Act of 2002 (SOX) was intended to create more transparency in financial reporting and to combat the perceived inflation of CEO compensation. To do this, the act required that a board of directors be financially independent
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Week 4 Quiz 1. Auditors will never use their own judgments in selecting items for testing (True/False). (10%) False 2. Name the two types of audit sampling. (30%) Statistical and Non-Statistical 3. List the three types of statistical sampling. (30%) Simple random, stratified, and cluster sampling 4. Name three non-statistical sample selection methods. (30%) Block sampling, haphazard sampling, random number sampling 10/10 = 100% Week 4 Multiple Choice 1. In an audit sampling application
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LJB Company | Case Study #2 LJB Company | Internal Control | | This document contains information about the internal controls for LJB Company | TABLE OF CONTENTS 1. Introduction …………………………………… Pg 2 2. Six Internal Control Activities ……………….. Pg 2 3. LJB Company Positive Side ………………… Pg 2 4. Segregation of Duties ……………………..…. Pg 3 5. Petty Cash …………………………………….. Pg 3 6. Human Resources ……………………………. Pg 4 7. Conclusion ……………………………………... Pg 4 LJB Company
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Continuous Auditing In the customary tradition, internal auditing’s testing of controls has been performed on months once business activities have occurred. Internal auditors need to respond effectively to the demands of a fast changing business environment, while assisting organizations comply with growing regulatory mandates. This pressures internal auditors to provide more timely and ongoing assurance that controls are working effectively and risk is being mitigated. Today, IAs use continuous
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