Procedures to Evaluate Cash Irregularities Substantive procedures for detecting irregularities in the cash cycle follow normal audit procedures of testing internal controls over cash and by collecting and evaluating audit evidence are needed. Following instruction set forth by Joe Bootwell‚ Chief Financial Officer (CFO)‚ Karina Ramirez‚ Director of Internal Audit‚ established the following procedures for testing cash irregularities (University of Phoenix‚ 2013). 1. Cash receipt procedures. Confirm that
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Table of Contents |CONTENTS PAGE NO | |Acknowledgement ---------------------------------------------------------------------------- |1 | |Introduction ------------------------------------------------------------------------------------ |2 | |Objective of The Study----------------------------------------------------------------------- |3
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Format your paper consistent with APA guidelines. JPMorgan Chase Bank is a publicly traded company and uses an external-independent auditing firm‚ PricewaterhouseCoopers LLP‚ to provide an annual audit. JPMorgan Chase Bank established an audit committee to assist in board oversight over several areas. These areas include the following: the oversight of the qualifications and independence of the independent registered public accounting firm; the performance of the corporations internal audit function
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marking sheet provided. 1) Which one of the following is not a cause of information risk? A) complex foreign exchange transactions B) implementing quality control within the public accounting firm C) unexpected increased competition within the industry D) remunerating management with a bonus scheme linked to reported income 2) An internal auditor should ideally report to: A) the external auditors. B) the chief finance officer. C) the audit committee. D) the ASIC. 3) Which of the following
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other regulations which are employed by the issuers. Section 404 This section is listed under the title 4 and pertains to management assessment of internal controls. In this section issuers are required to publish the internal control structure and financial reporting in their annual report. The registered accounting firm has to attest the internal control structures that it employed in the financial
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8 Internal Control and Cash Chapter STUDY OBJECTIVES After studying this chapter‚ you should be able to: 1 Define internal control. 2 Identify the principles of internal control. 3 Explain the applications of internal control principles to cash receipts. 4 Explain the applications of internal control principles to cash disbursements. 5 Describe the operation of a petty cash fund. 6 Indicate the control features of a bank account. 7 Prepare a bank reconciliation. 8 Explain the reporting of The
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Yoyo Chen (Former Yen-Hui Chen) Professor Arthur Dignam Acct 723 09/12/2013 Case 1.1 1. There were the parties that were responsible for Enron’s crisis: Enron’s managers since they did not tell those auditors the truth about Enron’s fraud. Anderson’s senior managers since they did not check those individual auditors’ work was sufficient or not. They also were responsible to discover the problems in Enron’s. Anderson’s individual auditors since they did not make proper and professional decisions
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aat Student Notes QCF Level 4 Internal Control and Accoun ng Systems STUDENT NOTES 1 Contents Section page Introduction and Assessment W here do I start SWOT Analysis Internal Controls Fraud in an Accounting Function Making Recommendations Outcomes and Criteria 17 Report Planning Assessment Deadlines *Important terms are highlighted throughout the notes. Further explanation of these terms can be found in the terminology section 2 3 1. Introduction
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The latest Report to the Nations On Occupational Fraud and Abuse‚ the biennial study of global fraud by the Association of Certified Fraud Examiners‚ finds that organizations lose an average of 5 percent of revenues to fraud each year‚ with a median loss of $140‚000. However‚ just over one-fifth of fraud schemes results in losses topping $1 million. Perhaps even more disturbing was the median length of time before the frauds were detected: 18 months. And‚ that’s not all; the study found that almost
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Fraud Prevention and Management Recommendations Paper CJR-334-Z1 Economic Crime Investigation October 29‚ 2012 Fraud Prevention and Management Recommendations The purpose of this Fraud Prevention Plan is to set out the approach to dealing with fraud risk within our organization. In order to prevent the types of frauds that have already occurred within our organization it will be necessary to create “a culture of honesty‚ openness‚ and assistance…..fraud prevention is where the big savings
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