Internal audit Essays

Date: 11/17/2014 To: The Director of Internal Audit, Dentistar Inc From: Fahad Albaijan, Staff Auditor Subject: Internal Controls Assessment Report – Western Region Background: Dentistar Inc is a company that was created in 1985 for the purpose of providing dental and orthodontic services to individuals who enjoyed prepaid dental services across the nation. It is imperative to carry out an internal audit of the Western Region’s internal system controls since there have been several reported

Internal auditors Internal auditors provide operational, strategic, and tactical value to the business. They inform the Change Advisory Board and management about the other stakeholders’ understanding of change management and adherence to policies. They validate the efforts of management to be effective and proactive in facing current and future threats. They compare present practices within the organization with regulatory guidelines and industry practices. What are the responsibilities of internal

As the Internal Audit Manager of Aristocrat, one is expected to plan, execute and follow-up on reviews performed across the entire organization that are dictated by the key risk identified from the constant risk analyze conducted across the various functional areas and business units. Furthermore, it is the Internal Audit’s role to ensure that the organization’s activities, policies, and procedures strategically

Code of ethics Code of ethics says or states the principal and expectations governing the behavior of individuals and organizations in the conduct of internal audit. Code of ethics is started by setting out the values that underline the code and will specify the company’s obligation to its stakeholders and employees and other people connected to the company .The code is publicly made available and addressed to anyone with an interest in the company’s activity and the way it does business. It

FACT Files OCE Complaint against Congressman Lewis & his Chief of Staff Potential Ethics Violation #9 In January 2016, the Foundation for Accountability and Civic Trust (FACT) filed a request with the Office of Congressional Ethics (OCE) to “investigate Representative John Lewis and his Chief of Staff, Michael Collins, for violating important and serious House ethics rules prohibiting outside employment” (Whitaker, 2017a, para. 1). According to Whitaker (2017a), Mr. Collins received $27

Based on my investigation, physical evidence, and sworn statements from the victims and witnesses, the defendant Ashlee Pridgen, did commit the act of burglary, grand theft, dealing in stolen property, and False Pawn verification on 5-13-2016 and 5-17-2016. The details of these events are; On or about 5-13-2016, the defendant Ashlee Pridgen was at 1803 Laurel Oak Drive, Rockledge, Florida. Defendant was visiting a friend, Kayleigh Chase, at this residence. While inside the residence, defendant

Carlos is guilty of the following Prohibited Acts: misrepresentation, forging or altering documents or credentials, and knowingly furnishing false information to the institution. Olivia is not guilty of committing any of the Prohibited Acts. Neither is Olivia guilty of facilitating academic dishonesty. Olivia is only guilty of violating Professor Clemente’s Class Attendance Policy. Olivia had been absent from Professor Clemente’s class twice before. One day in class, Professor Clemente noticed

got tied up in the Enron situation, it is quite unfair to blame independent directors who have to depend on the external and internal auditors who are suppose to be giving independent and capable reports.” (Mark Mobius) The above quote lays the responsibility of the fall of a company on the auditors. The biggest audit fail of Enron Corporation not only led the company towards declaring bankruptcy but also dissolved one of the five big professional

the 2014 Flash Technologies audit, we will look at the COSO Framework. - Control Environment: Commitment to Competence (Employees seem to receive sufficient training and understand their responsibility in the manufacturing process. Inspection team conducts thorough investigations of product quality and exercises organization and efficiency. Employees are under the pressure to ship customer items under harsh time constraints because of Mr. Schwimez’s decision); Audit Committee Participation (Flash

The audit firm of Barings, Deloitte & Touche failing to spot the activities of Nick Leeson when performed audit jobs. Deloitte & Touche, which audited the accounts of Barings Futures Singapore, fail to detect "window dressing" in the accounts and signs of unauthorised trading. Deloitte & Touche have not investigated further and revealed Leeson 's unauthorised trading even though BFS 's balance sheet showed the company had deposited more margins with the Singapore futures exchange than it had received

Question #1 The fraudulent behavior found in Sunshine Fashion was due to lack of oversight and accountability at the local level, poor internal controls in all levels of the company, unqualified applicants placed in branch management positions, and no apparent repercussions for inappropriate behavior. There was no mention in the case study of any type of internal audit being performed other than the accounting department doing periodic random checks on inventory and accounts. The tone set by the main

Section 300-10 (Expense Report Approval Procedure and Supporting Documentation Requirement) and 300-20(Expense Report Eligibility Requirement). After two exceptions were identified, I pulled 40 more employee expense reports based on Schnitzer Steel Internal Audit Manual – Chapter 2: Sampling Methodology to determine if the exceptions were isolated instances or systemic issues. What I found – Within the initial 10 expense reports, I found two exceptions. Specifically, Sample No.7 with a total amount

1.Revere Plastic,Process Flow and Project Scope A. Company Profile Revere Plastics Systems LLC, an ISO certified company that make commercial-grade and household appliances function are plastic injection molders with presses ranging in 25 – 1,500 tons. It is headquartered in Clyde,Ohio. Revere Plastics has three other locations in Brampton, Ontario and Jeffersonville. The company has a rich client base as listed below: • Dura Automotive System • GE • Whirlpool • Maytag • Briggs Stratton • Grupo

WorldCom, the auditors not only failed to discover these companies fraudulent financial reporting but some even help in guidance to continue fraud schemes. Andersen Accounting helps Waste Management in their fraudulent activities by issuing unqualified audit reports of the company’s false financial statements, and engaged in a secret agreement to write-off error of data over the periods of up to ten years and to change accounting practices. Andersen Accounting certified WorldCom’s false financial data

evaluate three annual audits (during 2005-2007) of Medicis Pharmaceutical Corp’s financial statements. The PCAOB stated that E&Y along with its partners did not properly evaluate Medicis sales returns reserve and “accepted the company 's practice of imposing the reserve for product returns based on the cost of replacing the product, instead of at gross sales price” (Rapoport, 2016, para 4). The board stated that the auditors knew or should have known because the audit

started to witness huge financial pressure. The management used various forged accounting entries to conceal its weakening position. Cynthia Cooper, Vice President Internal Audit, discovered the unethical activities and raised the issue with the management and relevant departments and received bitter responses. She carried out internal audits in her own capacity with her colleagues and compiled evidence against fraudulent activities. The Core

stance of their individual followers, or the group they lead. As an ethical leader, they are expected to take responsibility and work to correct mistakes. They must ensure the company has an effective internal controls in place to identify unethical practices. In my opinion, big companies in their audit and compliance committees should have members who may act as ethicist to assess whether the actions of the company are consistent with the desired ethical

A) While performing an audit, expertise in the field of accounting and auditing only is not sufficient. In the preparation of financial report involves the use of expertise in a field other than accounting and auditing, the auditor, who is skilled in auditing and accounting may not possess the necessary expertise to audit that financial report. Thus, Australian Auditing Standard has included some provision through its standard in which an auditor can use the work of an Auditor’s Expert. Australian

Adolescence is, unarguably, the most important time in a human’s life, it’s the transitional period between childhood and adulthood. According to WHO , Adolescence occur between the age of 12 and 14. During adolescence, teens undergo some major changes, physically and mentally, to further prepare them into becoming adults in the later stage of life. At adolescence, teenagers must pick where to go next after high school. Their first choice would be going to a university, where he/she would further

What is a constitution? A constitution is termed as a set of rules relating to how a country will be governed. The rules consist of the roles, functions and powers of the country and shows how coordinate the relationship between the state and the people. The constitution also includes the rights and the freedoms of the people. According to Jeremy Bentham, the word ‘constitution’ was used to refer to as ‘the aggregate of those laws in a state which were styled collectively the public law’. This