• Au2 Question 4 Assignment 4
    knowledge of any fraud or suspected fraud. If the entity has an internal audit function, the auditor should inquire about internal audit’s views of fraud risks and whether they have performed any procedures to identify or detect fraud during the year. SAS 99 further requires the auditor to make...
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  • Auditing 2
    audit where he or she has been an officer or employee of a company within the two years prior to the commencement of the first day of the period reported on. (iv) Other services 1. A firm should not participate in the preparation of the accounting records of a company listed on a stock exchange...
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  • Fraud Risk Management
    using computers and technology to commit crimes, e.g. phishing; spamming; copyright crimes; hacking; social engineering frauds. 1.1 What is fraud? 1 Fraud: its extent, patterns and causes Figure 1 Types of internal fraud Cash Non-cash Financial Non-fi nancial Confl icts of interest Bribery...
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  • Forensic Accounting and Fraud Auditing
    by accident, most likely because of the random sampling nature of what a regular auditor looks at. o Fraud auditors might improve on this defection percentage by going straight to the type of accounts where fraud is most likely to occur. o The following are types of typical fraud targets: (i...
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  • Cyber Laws
    security and planning of its operation and a quarterly audit of its repository. The Certifying Authority should submit copy of each audit report to the Controller within four weeks of the completion of such audit and where irregularities are found, the Certifying Authority should take immediate...
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  • Audit
    attestation standards and generally accepted auditing standards differ conceptually in two main areas: 1) the attestation standards provide a framework for the attest function beyond historical financial statements; and 2) the attestation standards provide for the growing number of attest services in...
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  • Icas Class Notes
    accounting function that has or is experiencing problems; this could range from budgeting, stock control, payroll, petty cash, expenses, credit control etc. You need to identify where these problems could lead to errors in the accounts and where there is potential fraud risk. The AAT case...
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  • Economics
    determine where inputs, processes, outputs, systems, and functions are significantly different from those of competitors or others. The common question is, What is the best practice for a particular activity or process? Data obtained are then used by the organization or company to introduce change...
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  • Accounting Information Systems Test Bank 10th Edition
    logical view and physical view? 57. Describe the different schemas involved in a database structure. What is the role of accountants in development of schemas? 58. What is a data dictionary? 59. List the four languages used within a DBMS. 60. Name the three "anomalies" that may occur in an...
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  • Audit Banking
    should be separated for good internal control. A person acting alone, or in a conspiracy, may perform two or more internal control functions to commit a fraud. Schemes and Detection Procedures The format for fraud case analysis and the related audit approach includes: (1) Case Situation: (a) Problem...
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  • Misuse
    rationalize their crime, can commit fraud. Therefore, organizations should engage in pro-active fraud prevention, regardless of how honest they believe their employees are. Fraud prevention is another area where there has been little academic research. What we do know is that the major elements of fraud...
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  • Comprehensive Review in Accounting
    for the result of consultation in those areas and specialized situations where consultation is required. d. Assigns an appropriate person or persons to be responsible for assigning personnel to audits. 65. The objective of quality control mandates that a public accounting firm should...
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  • Manager Information System
    Discussion 1. There are instances when data and information flow directly to management. The simplest case is when the firm does not use computing technology or uses it only sparingly. In the absence of the technology, the data and information flow directly to the users. In companies where...
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  • Audit System
    records. Internal control procedures include: 4. Limiting direct physical access to the cash, such as the use of a security firm to deliver cash, locking doors to areas where cash is held, keeping cash in a fire-proof safe and the protection of the computer by password controls...
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  • F1-Accountant in Business
    important. There are many examples of frauds taking place where people who were unwittingly close were shocked that they had no idea what was happening. Fraud awareness education should therefore be an integral part of the training programme, particularly for managers and staff in high risk areas...
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  • Information System for Managers
    , and returns to stockholders. While in the firm, the physical resources are used to produce the products and services the firm provides to its customers. THE FIRM'S CONTROL MECHANISM The elements that enable the firm to control its own operations include (1) the performance standards the firm must...
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  • Nono
    excuse for not doing CPE. Firms should be aware that ARCs will take a firm line with firms who do inadequate CPE. 1. What bodies are responsible for continuing professional education in the UK? 2. Is CPE compulsory or optional for employees who deal with audit work? 3. How is CPE target...
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  • Definitions of Accounting Terminology
    . Read on  * What is Short Money? * $75 Million Scandal Rocks Cancer Care Ontario * Despite Loss Pension Execs Earn $7 million Extra Non payroll direct costs should be allocated to the relevant cost centre on a transaction by transaction basis using the following approach: * Where...
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  • Marketing Plan
    can be used in litigation support and fraud reporting. The fraud of Enron and Arthur Anderson left many people without retirement funds and stock interest, which increased the demand for forensic accountants and fraud investigations. According to the Association of Certified Fraud Examiners 2010...
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  • Sarbanes – Oxley Act - Canadian Response
    . Although the Securities and Exchange act of 1934 required firms to have outside auditors audit their financial statements, these auditors would earn several times in consulting fees what they would for audit fees, causing auditors to look the other way on questionable accounting practices. This is...
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