Internal consistency

.1 It is imperative that all the stakeholders in GR8 Prospects understand the difference between Internal Auditing and External Auditing in terms of the primary objectives: • External Audit:  The external auditors are not the employees of the organisation. They report directly to the Shareholders of the organisation. They main duty is to tests the underlying transactions that form the basis of financial statements. They form an opinion as to whether or not these statements reflect a true view.…

The Sarbanes-Oxley Act (SOX) was put into place in 2002 by Congress after being developed by Senator Paul Sarbanes and Representative Michael Oxley. The purpose of SOX is to “protect shareholders and other stakeholders of publicly traded companies” (Vanderbeck, 2013, p. 11). SOX became about because although The United States already had the Securities Act of 1933 it only held the corporations responsible, therefore, the CEO’s did not have to legally tell the truth making it hard hold them…

Along with each element is a fact or observation for violation. High chance of corruption means that there are high chances of the elements happen. Node & NPT Rationale Node Name General rationale for the node, node type, and NPT choices Lack of internal control A…

The Association of Certified Fraud Examiners (ACFE) defines fraud as “deception” or misrepresentation that an individual or entity makes knowing that it could result in some unauthorized benefit to the individual or to the entity. Approximately 10% of incidents concerning in white collar crime is fraud. Financial statement fraud occurs in many ways which results into understatement of liabilities or expenses and overstatement of revenue and assets. However, corporations hire forensic experts to…

During the inspection of documents related to the construction project in Atlanta, Ga., I was able to detect a lack of segregation of duties, all the responsibility for hiring employees and operation of the project, rests with one person, the foreman of the project, who is in charge not only of observe that the job is completed but also of the administrative area of the same. Some of the failures that have detected, as result of too much pressure on the foreman is that there is no way to locate…

You have worked hard for your assets and investments, so it is important to protect yourself from losing them due to an unforeseen lawsuit. A personal umbrella policy can give you peace of mind knowing that if you are sued, you are protected from an expensive judgment against you. The insurance experts at Montana First Insurance Inc., in Kalispell, Montana, explain why you should purchase a personal umbrella policy and what it can cover. Umbrella policies protect your assets and prevent your…

According to AU-C 200 & AU-C230, GASS requires that the auditor should obtain a reasonable assurance “Not absolute assurance” about whether the financial statements are free from material misstatement. To reach that the auditor needs to collect evidences that have reasonable quantity and quality “sufficient appropriate audit evidence”. In AU-C 230, the objective of the auditor is to plan and perform the audit work in order to obtain sufficient appropriate audit evidence to reduce the audit risk.…

I am an accountant, who has asked by Denise Cook to provide her with advise. The Cook family had received their financial statements and they were concerned about some aspects of the statements. The Cook family believes that Mr. Ngo isn’t acting in good faith and is trying to cheat the Cook family of money that is rightfully owed to them. It is my job to provide a detailed report that analyzes aspects of the financial statements. My objective is to analyze the financial statements and report on…

Financial markets were once male-only clubs, free to create secret agreements with customs and practices yielding products of questionable value. However, a woman named Helane Morrison investigated and exposed the security law violations that cheated investors and endangered the world's economies. According to the Project Eve article, “How Helane Morrison is Shattering the Glass Ceiling in the Corporate World”, her oversight and enforcement actions targeted the fraudulent security sales, market…

Italy gets back stolen gold cart of Etruscan prince from Denmark A whole host of looted Etruscan treasures, including a Princes' golden carriage will begin arriving back in Italy later this year after spending the last forty years on display at a Danish museum. The priceless artefacts were stolen from the necropolis of in Eretum, the remains of an ancient, pre-Roman city in Lazio and sold to Copenhagen's Ny Carlsberg Glyptotek for 1.2 million Swiss Francs in the 1970s. Since 2008 Italian…