Internal Accountant's Report to Management

Topics: Political corruption, Public Company Accounting Oversight Board, U.S. Securities and Exchange Commission Pages: 3 (825 words) Published: December 17, 2010
Internal Accountant's Report to Management
It is my opinion that a full financial status review would be in the best interest of the Company. We have taken pride in the fact that we qualify for Government contracts. We should not let anyone else find any fault within our Company. In conducting such a review, we would be able to thoroughly examine aspects of not only our control systems but our personnel and practices. Through a full financial status review we will also be able to determine if there is any fraud or abusive actions being enacted against the Company. Occupational fraud is “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets’. No one knows the exact dollar amount that fraud can cost a company. Not only because not all fraud is detected or reported but also there are direct and indirect costs associated with fraud and Company abuse. Just adding up the dollars lost through fraud can be daunting enough, however, add to that the effort and regular operational loss that is required to dissect the fraud and reconstruct records. Additional money maybe spent on consultants and auditors to help the Company secure them from further fraud. What happens to the good name that the Company has built through the years of good business? The reputation of a Company can also take an immeasurable toll which would mean lost sales or opportunities. There is the Public Company Accounting Oversight Board that is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 US Federal law, to oversee the auditors of public companies. Its stated purpose is to protect the interests of investors and further the public interest in the preparation of informative, fair and independent audit reports. The Securities and Exchange Commission’s mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair,...

References: Singleton, T., Singleton, A., Bologna, J., & Linquist, R. (2006). Fraud Auditing and Forensic Accounting (3rd ed.). Hoboken, NJ: John Wiley & Sons, Inc.
Wells, J. T. (2005). Principles of Fraud Examination (Rev ed.). Hoboken, NJ: John Wiley & Sons, Inc.
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