Fraud, Governance and Internal Controls What is a fraud What is a fraud? The Financial Accounting book gives us a definition “A fraud is a dishonest act by an employee that results in personal benefit to the employee at a cost to the employer.” The reasons why people commit fraud are various. Fraud triangle can give us a good explanation. Financial pressures, from family or lifestyle, will lead an employee to fraud. Opportunity, which will allure an employee to do fraudulent activities, and Rationalization
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SCHOOL OF ACCOUNTANCY COLLEGE OF BUSINESS UNIVERSITI UTARA MALAYSIA COURSE CODE : BKAA3023 COURSE NAME : AUDITING AND ASSURANCE II PRE-REQUISITE : AUDITING AND ASSURANCE I _____________________________________________________________________ 1. SYNOPSIS This is a continuation of Audit and Assurance 1. It intends to strengthen and enhance the students’ understanding in auditing. Among the topics that will be discussed are code of ethics, auditors’ liability and in-depth explanations on
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Fundamentals Level – Skills Module Audit and Assurance (International) Wednesday 4 June 2008 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor. This question paper must not be removed from the examination
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benefit the company. Benefit of Internal Auditor Internal auditing is designed to improve an organization’s operations. The opportunities of internal auditing within an organization involve effectiveness of operations, protection of assets, detecting and investigating error and fraud, consistency of financial reporting, and compliance with the laws and regulations. Internal auditors must be hired by the company to perform the internal auditing activity such as this. Internal audit highlights problems
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Recommendation Brief for an Internal Auditor Candace L. Beard ACC 544 May 23, 2011 Joseph Poletti Recommendation Brief for an Internal Auditor Internal auditing helps companies to look at ways of improving and achieving short-term and long-term objectives. Internal auditors are hired to perform internal audits that look at a company’s operations, investigating fraud, financial reporting, safeguarding assets, and compliance of the laws and regulations set for companies. The internal auditors
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Case 3.1 1. The alternatives available to Brent are working at the normal pace, trying to rush the work with the normal sample size, or cut the sample size. If Brent chose to work at the normal pace he would get the best and most accurate result. Being accurate and sure of the results is what Brent’s employer expects out of him. Brent’s next option is “eating time” i.e., working off the clock, and then turning in that he worked the 35 hours to come in at budget. The pro to this option is that
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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 look at the components for the AIS for the users, procedures, hardware, software, data communications and the
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Internal Auditor Blanca O Colon ACC 544 Internal Controls April 4, 2011 Master Science Accounting Daniel Stevens Internal Auditor This document has as its main objective to inform the company the reasons for hiring an internal auditor who shall have the obligation to inform their reporting through the administrative and financial management of the company in the time required. Not only should they cover financial areas within its audit, also will have the opportunity to report on performance
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Vial-tek has an existing loan in the amount of $3.5 million with an annual interest rate of 9.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement. Two competing banks have offered to replace Vial-tek’s existing loan agreement with a new one. First National Bank has offered to loan Vial-tek $3.5 million at a rate of 8.5% but requires Vial-tek to provide financial statements that have been reviewed by a CPA firm. City First Bank has offered
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Accounting Information Systems Homework Risk Assessment of Societe Generale COSO IC Component | Control Issue | Strength or Weakness | Risk Likelihood(L, M, H) | Risk Impact(L, M, H) | Risk Type(F, C, O) | Control Environment | The most serious control deficiencies was they did allowing trading after hours. It was a poor design. b) Allowing a broker’s name to be missing or listening is a problem of bad design. It is important to know who are you trading with because the traders may not know
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