Acc 556 Week 1 Internal Accountant's Report To Management
Internal Accountant’s Report to Management
Marceila Jackson
ACC/556
October 27, 2014
Laurie McBroom
In preparing for the upcoming government contract bid there is a need to explain how performing a full financial status review prior to the bid is in our best interest. The steps taken for the review are as follows: visualizing the impact of occupational fraud and abuse on the company, knowing how the US government oversees the accounting fraud and abuse and its effect on the company, identifying potential corruption schemes within our company, and analyzing the types of accounting evidence and methods used to support the financial status review. All these topics need great discussion where managers can have a full understanding to be able to make their decision that can impact our company as a whole.
Occupational fraud and abuse Occupational fraud and abuse …show more content…
governmental oversight of accounting fraud and abuse has drastically improved over the years. In the past, many companies used the flexibly in accounting framework to alter financial statements. This was done to present a seamless depiction of the statements to their investors. There is a theory that not enough accountability has existed in government. Once governmental accountability improves, then companies will be more likely to deter from waste, fraud and abuse (acfea, 2009). The Security and Exchange Commission (SEC) eventually introduced detailed changes in the accounting framework to restrict fraud and abuse. The government now pays more attention to what is going on in the financial arena and is ultimately responsible for the oversight of accounting fraud. The implementation of internal controls helps to reduce the possibility of fraud and it also insures that the company complies with the SOX rules and regulations. If our company becomes a government supplier, once the bid is accepted, it will come under scrutiny and will be required to comply with the Sarbanes Oxley Act (acfe,
Marceila Jackson
ACC/556
October 27, 2014
Laurie McBroom
In preparing for the upcoming government contract bid there is a need to explain how performing a full financial status review prior to the bid is in our best interest. The steps taken for the review are as follows: visualizing the impact of occupational fraud and abuse on the company, knowing how the US government oversees the accounting fraud and abuse and its effect on the company, identifying potential corruption schemes within our company, and analyzing the types of accounting evidence and methods used to support the financial status review. All these topics need great discussion where managers can have a full understanding to be able to make their decision that can impact our company as a whole.
Occupational fraud and abuse Occupational fraud and abuse …show more content…
governmental oversight of accounting fraud and abuse has drastically improved over the years. In the past, many companies used the flexibly in accounting framework to alter financial statements. This was done to present a seamless depiction of the statements to their investors. There is a theory that not enough accountability has existed in government. Once governmental accountability improves, then companies will be more likely to deter from waste, fraud and abuse (acfea, 2009). The Security and Exchange Commission (SEC) eventually introduced detailed changes in the accounting framework to restrict fraud and abuse. The government now pays more attention to what is going on in the financial arena and is ultimately responsible for the oversight of accounting fraud. The implementation of internal controls helps to reduce the possibility of fraud and it also insures that the company complies with the SOX rules and regulations. If our company becomes a government supplier, once the bid is accepted, it will come under scrutiny and will be required to comply with the Sarbanes Oxley Act (acfe,