INKWELL LIMITED An evaluation of the internal controls and an investigation of the accounting system at Inkwell Limited. Student Name: Paul Michael Bantusitse AAT Number: 10416343 I testify that the following report is my own unaided work and a true reflection of the organization. Signed: Dated: Table of Contents 1. TERMS OF REFERENCE 3 2. EXECUTIVE SUMMARY 3 3. METHODOLOGY 3 4. INTRODUCTION TO THE
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Fraud‚ Auditing & Internal Controls CMIYC paper Throughout the movie‚ Frank Abagnale Jr. has multiple pressures that cause him to commit fraud‚ opportunities to commit them and rationalizations about them. These three factors all end up causing him to commit the fraud and to escalate it‚ some more than others. Most of the pressures that Frank goes through in the movie would be in the financial pressures group‚ and a little in the other pressures group. His first pressure in the movie would
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Running head: CASE ANALYSIS OF THE ACCOUNTING FRAUD AT WORLDCOM Case Analysis of the Accounting Fraud at WorldCom Angela Crossley Troy University October 27‚ 2008 History The origin of WorldCom can be traced back to 1983. The CEO‚ Bernard J. Ebbers‚ of WorldCom had very interesting beginnings. He invested in Long Distance Discount Services (LLDS) with eight other investors‚ and believed that the telecommunications industry was a very good business venture. In the beginning
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Nature And Structure of Inkwell Ltd 5. Description of Current Accounting Systems 6. Weakness and Findings of Current Accounting System 7. Fraud 8. Recommendations 9. Cost Benefit Analysis 10. Appendices Terms of Reference 1.1 This report has been prepared to cover the requirements of AAT learning assessment are internal controls and accounting systems 1.2 This report investigates the accounting system in place within Inkwell Ltd with regards to making
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Inkwell Ltd THE REVIEW OF THE ACCOUNTING SYSTEM AND THE EFFECTIVENESS OF THE INTERNAL CONTROL FOR INKWELL LIMITED COMPANY. Submitted by: AAT studend membership number: Date: January 2013 This report is submitted for assessment of competence in AAT Learning and Assessment Area ‘Internal control and accounting systems’. LIST OF CONTENTS 1. Terms of Reference 1.1 Association of Accounting Technician 1.2 Report Objectives 2. Methodology 2.1 Analysis
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newspapers are filled with stories of fraud and financial shenanigans. It has become daily occurrence that frauds of high profile cases break out and become headlines. Case after case has become routine. The shocking publicized financial scandals have shaken the underpinnings of our economic system. In the recent years there is enormous increase in occupational fraud. We have witnessed that our national enterprises have disclosed millions of rupees in financial fraud. Millions of rupees of public money
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NATIONAL OPEN UNIVERSITY OF NIGERIA COURSE CODE :MBA 754 COURSE TITLE: FRAUD DETECTION AND ELECTRONIC BANKING MBA 754 COURSE GUIDE COURSE GUIDE MBA 754 FRAUD DETECTION AND ELECTRONIC BANKING Course Developer/Writer Programme Leader Gerald C. Okereke National Open University of Nigeria Dr. O.J. Onwe National Open University of Nigeria Abdullahi .S. Araga National Open University of Nigeria Course Coordinator NATIONAL OPEN UNIVERSITY OF NIGERIA ii MBA 754 COURSE GUIDE
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3.1. The weaknesses identifying in Inkwell Ltd are that one person operates the payroll system. Payroll and Personnel Database Clerk does not have enough experience and had only one day training to operate Sage. Employee is responsible for running two payrolls‚ a monthly payroll for management and salaries staff‚ and a weekly payroll for hourly paid staff. Recommendations to avoid errors and potential fraud are to appoint another person to overview and check the work. Another option is to employ
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of theft/fraud. According to last year the loss of money for businesses and financial institutions are in the billions and with consumers out of pocket expenses has been about 5 billion dollars. "Identity theft" refers to crimes in which someone wrongfully obtains and uses another person’s personal data (i.e.‚ name‚ date of birth‚ social security number‚ driver’s license number‚ and your financial identity— credit card‚ bank account and phone-card numbers) in some way that involves fraud or deception
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4. Explain why the fraud remained undetected for 13 years. What procedures might the auditors have performed to detect this fraud in a timelier manner? The fraud was undetected because of a lack of internal controls. There was a lack of segregation of duties between who collected the receipts and who prepared the deposits. Sally collected all of the receipts‚ closed out the drawers‚ and prepared the deposits. Since she performed all of these duties‚ she could easily cover her tracks by making sure
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