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Class,
You are in your first month as an internal auditor in the corporate offices of Cover Up Fraud Mart, a large regional variety store chain based in Los Angeles. Your manager has just given you a general overview of the company's problems with fraud. In fact, losses from fraud exceed losses from shoplifting by tenfold, and management wants your perspective on what it can do to proactively detect fraud. From your fraud auditing class, you know that the data-driven approach is one of the most effective detection methods.
Prepare a project plan for implementing the six-step data-driven approach. List the types of team members who should be involved in each step, how long each step will take, and cost estimates for each step. (Do NOT simply list the six step data-driven approach and provide little to no other information.)
What software package will you need to purchase to complete the process? Provide arguments for your decision.
What techniques should be run in Steps 4 and 5?
What each of the above actually refers to and what it means and what is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing).
At the end of 2007 Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and m..
Discuss how you would perform preliminary analytical procedures and recommend ways to mitigate engagement risk and audit risk.
For each account identified in a) identify and explain the most relevant audit assertion affected (you should identify no more than 2 assertions for each account).
For each of the following safeguards, identify whether they are: • safeguards created by the profession, by legislation or by regulation.
based on peach blossom cologne company - audit case.1. what are expectations of the board of directors concerning audit
Chief executive officer compensation can be a material amount and is often scrutinized by regulators, analysts, competitors, and investors.
The auditor received a representation from the entity's lawyers regarding the probable outcome of a pending court case.
You will be required to obtain/study annual reports of companies in the industry
In a 2 page analysis report critically review the CAMELS rating system for assessing bank performance. Also explain why it is fast becoming a global standard adopted by central banks.
Explain how the acceptance of large, high-risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence.
Identify four key activities/processes involved in the operations of the Commission (there are more than four). Prioritize them in terms of significance to the Board's operations
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