Table of Contents Introduction……………………………………………………………………………………..1-2 Issues………………………………………………………………………………………………2 The Discovery of Fraud……………………………………………………………………..…..3-4 Corporate Governance of FCB……………………………………………………………………5 Auditor Dilemma……………………………………………………………………….……….5-7 Using the Fraud Triangle Model to analyze the situation in Flat Cargo Berhad……………..…8-9 Who is responsible in the fraud of Flat Cargo Berhad ……………………………………..…10-11 Prevention Measures for Fraud ………………………………………………………………
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internal control Qver Financial Reporting CASES INCLUDED iN THIS SECTiON 1. Simply Steam, Co. 155 Evaluation of Internal Control Environment 2. Easy Clean, Co. 155 Evaluation of Internal Control Environment 3. Red Bluff Inn & Café 165 Establishing Effective Internal Control in a Small Business 4. St. James Clothiers 169 Evaluation of Manual and IT-Based Sales Accounting System Risks 5. Collins Harp Enterprises 177 Recommending IT Systems Development
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about 20 million customers and 80,000 employees and was the second largest long distance carrier in the U.S. WorldCom grew largely by aggressively acquiring other telecommunication companies like MCI Communications. WorldCom also owned UUNET, who controls over 50% of the wires that internet service providers use to carry internet traffic all over the world. Even before the fraud began, the company was already going through financial difficulties due to a large amount of debt and declining revenue
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I need help with 5 Auditing questions. I would like someone else’s answers to compare to. I would like an original answer only please. Need this by Monday 5pm Central Time. 1. (Analytical procedures) In audit planning the audit of Construction Industry Resources, Inc., a building supply company. You have completed analytic procedures relevant to purchases and inventory. The results of these procedures are included in Figure 8.13. Figure 8.13. Selected Financial Information ($000)
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INTERNAL CONTROLS Introduction Internal Controls are to be an integral part of any organization’s financial and business policies and procedures. The objectives of internal controls are: ▪ Protecting resources against waste, fraud, and inefficiency; ▪ Ensuring accuracy and reliability in accounting and operating data; ▪ Securing compliance with the policies of the organization; ▪ Ensuring compliance with applicable laws and regulations; ▪ Evaluating the level of performance in
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a major shareholder Objective: Explain the role of budgets in management controls. 2. If an auditor can show they acted in good faith when reporting on forecasts the auditor's liability may be reduced or eliminated under a. 0 Regulation S-X. b. 0 Securities Exchange Act of 1934. c. 0 proportionate liability. d. 0 safe harbor provisions. Objective: Compare and contrast the use of budgets as financial controls between for-profit and governmental entities. There are no test questions
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Razak 157458 Tay Yee Joe 159264 Semester 2, 2013/2014 * Table of Contents 1.0 Introduction 1 2.0 Case Overview 2 3.0 Issues Identified in FCB 4 3.1 Material Misstatements in Financial Statements of FCB 4 3.2 Lack of Internal Control 7 3.3 Weaknesses on the Corporate Governance 9 3.4 Ethical Issues of the Top Management and Auditors 11 4.0 Recommended solutions 15 5.0 Conclusion 23 6.0 Appendices 24 Introduction Flat Cargo Berhad (FCB) is an air cargo
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Impact of Internal control system over customer service in financial aspects Definition of Internal Control? Internal control or an internal control system is the integration of the activities, plans, attitudes, policies, and efforts of the people of an organization working together to provide reasonable assurance that the organization will achieve its objectives and mission. Four Purposes of Internal Control 1. To promote orderly, economical, efficient and effective operations and
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AN EVALUATION OF THE INTERNAL CONTROLS SYSTEM FOR CASH FOR THE CASE OF NAIROBI SMALL BUSINESSES BY CLEOPHAS MUSINGA A Management Research Project Submitted In Partial Fulfillment For The Requirements Of The Award Of Bachelor Of Commerce (BCOM), School Of Business, University Of Nairobi JULY, 2008 DECLARATION This research project is our own original work and has not been submitted for academic purposes in any institution of higher leaning. Name Number
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Assess control risk at the maximum level and perform a primarily substantive audit. d. Modify the scope of the audit to reflect an increased risk of material misstatement due to fraud. 2. An auditor should design the written audit program so that a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized. c. The audit procedures selected will achieve specific audit objectives. d. Each account balance
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