Internal audit

Trauger asked you to help him alter the 2000 NextCard audit workpapers? In answering this question, identify the alternative courses of action available to you. Also identify the individuals who may be affected by your decision and briefly describe how they may be affected. http://www.llsdc.org/assets/DoddFrankdocs/crs-r41350.pdf I believe Flanagan had largely three choices when Trauger asked him to assist him to manipulate the 2000 NextCard audit workpapers. 1) Ignore the partner’s…

Who knows, maybe all attention on Madoff securities would have also alerted the Big Four requested audit firms to get involved and possibly had provided input on the issue. By exposing the fact that Madoff’s audit form was actual a one man shop by the name of Freihling, the American Institute of Certified Public Accountants (AICPA) would have gotten their hands on the case and declare the audits to be worthless since they were done by unauthorized…

Internal control violations There was a total internal auditing division violation of the regulation in the K-Marts case. When the disproportional asset inflation was seen in the company revenues, it should have been immediately reported to the SEC and other concern authorities, but it was not done. In fact, the amount inflated was almost 10% of the total revenues are the inflated revenues. Therefore, internal control mechanisms of Kmart should play the role of the whistleblower policies. The…

Assignment # 5 1. Visit the IMA website www.imanet.org . List, describe, and evaluate the requirements to become a Certified Management Accountant. What topics are covered on the exam for certification? Would you be interested in a career as a management accountant? In order to become Certified Management Accountant, the candidate need to be active member in the Institute of Management Accountants & Pay for the entrance fee. Candidate must complete the CMA certification within three years from…

another authorises the refund to check the validity of it. If not separated, this gives anyone access to cash at the till, increasing possibility of fraudulent activity. 3) Regular audits to account for the transactions within the store is crucial for small businesses who risk employees engaging in theft. This audit if regular can highlight…

explained that this was initiated for the purpose of testing where calls were being directed and who was notified, during which time only the Human Resource Representative was notified. Upon review, it was decided to add John Shuff, Director of Internal Audit, and Granville Tate, General Counsel to receive notification of all such calls, as well. A second call was then made a week later to the Hotline to notify them that the first call received on December 13 was for testing purpose only, at…

The audit committee review the external audit strategy yearly, and they also have an external auditor who will give his opinion about how the company have operated and if there has any place the company should pay attention in the future. By the way, the external auditor does not have any contractual obligation to the company’s current choice (Diageo Annual Report 2016 Interactive). Depending on these suggestion, the audit committee will submit a report to board…

national HealthSouth scandal, new board members came to light, which included Robert May as an elected interim Chief Executive Officer and Joel Gordon as Chairman. The company continues to operate and has a tight hold on internal controls, has cooperated with individual and internal auditors frequently, and is moving forward toward a strong…

Accounting Student’s Name Institutional Affiliation  Accounting To: Apple 2016 Audit Work Papers From: Date: 14th October 2016 Subject: SSA Risk Analysis of Apple Inc. Apple Inc. is one of the renowned technology companies that designs, manufactures, and sells its mobile technology devices. Since it is a multinational firm, the company experiences massive cash flow that requires a keen management and bookkeeping ensuring that no misstatements are one in any of its financial statement accounts…

With respect to the Enron case, there were initially two red flags leading to the fraud that should have been noted and thoroughly reviewed: (1) Enron and other corporations previously pressed for deregulation of the energy industry, and (2) lack of monitoring the industry and corporation practices by the government after deregulation (Albrecht. Fraud Examination, p. 431). After the deregulation of the industry, many corporations were, more or less, free to do as they please, which provided the…