Develop an audit program to identify fraud using acl, Auditing

You are auditing Pell grant provided to students at six state universities. The Pell grant program is a federal financial aid program for college students. The maximum grant a student can receive during a school year is $3,125 with a maximum of $1,041.67 per semester and summer session. The amount of a grant depends on financial need and the number of credits taken (status). Students cannot receive a grant at two different schools during the same school term.

SSN: Social security number

Last: Students last name

First: Students first name

Middle: Students middle name or initial

School: School- Coded 1 to 6

Term: Coded 1 to 3

1- Fall semester

2- Spring semester

3- Summer semester

*Need: Financial need - coded 1 to 5

1- 100% of allowable grant

2- 75%

3- 50%

4- 25%

5- 0%

*Status: Credit taken - Coded 1 to 4

1-12 or more credits: 100%

2-9 to 11 credits 75%

3-6 to 8 credits 50%

4-3 to 5 credits 25%

Amount: Amount of grant for the term

Computation of grant $3,125/3 * Need * Status

For a full time student with maximum need:

$3,125 / 3 * 100% * 100% = $1,041.67

For a student with a code 3 need taking 9 credits

$3,125 / 3 * 50% * 75% = $390.63

Required:

1. Develop an audit program to identify potential fraud using ACL

2. Use ACL to perform the steps in your audit program. Turn in the following:

a. Your audit program referenced to the ACL printouts supporting each audit step.

b. A report on your finding including additional steps you would take to determine if fraud actually occurred

c. Appropriate ACL printouts properly indexed with comments written on the printout to explain the printout and its implications. Do not print out the entire grant file. Extract only the items of significance.

Posted Date: 2/28/2013 12:54:46 AM | Location : United States







Related Discussions:- Develop an audit program to identify fraud using acl, Assignment Help, Ask Question on Develop an audit program to identify fraud using acl, Get Answer, Expert's Help, Develop an audit program to identify fraud using acl Discussions

Write discussion on Develop an audit program to identify fraud using acl
Your posts are moderated
Related Questions
Prepare a narrative describing the transaction cycle process for debt in a municipality.

Question 1: "While their roles sometimes overlap, financial statement auditors and forensic accounting investigators tackle financial fraud issues from different perspectives,

You are auditing XYZ company for the year ended 12/31/2012 and will be expressing an opinion on their financial statements as of that date. You completed your field work on 1/21/13

Business Risk Approach This approach requires the auditor to determine what are the very important business risks which the client faces. This line of approach both helps the c

Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta

The assignment continues the research process by further exploring and defining the problem statement through the development of research objectives. These objectives will allow yo

What techniques used during an audit? Ans)  ? Be professional at all times. Avoid being judgmental. ? Follow safety procedures, clean room procedures, and all other needed pr

The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing. Requir

Oversee commission staff to ensure individuals are properly trained and monitored. please provide me with some risks, controls and audit tests for the process above.

concept,need,advantage