Implementing A Comprehensive Audit Plan

1501 Words Jun 15th, 2015 7 Pages
This paper will discuss the hot topics in emerging issues that was discussed in previous assignments. Several companies can benefit from finding ways to implement a comprehensive audit plan to reduce the likelihood of fraud occurring. Ideas associated with the SDLC and how to create phases that will fall in line with this execution are also detailed in this assignment. The SDLC assists in reducing fraud and cannot be applied lightly; this plan makes the process of fraud prevention and detection easier to succumb. Updating policies and procedures is an ongoing process that cannot go unkempt.
Establishing a Comprehensive Audit Plan
The acronym SDLC is explained as a software development lifecycle. The phases of the SDLC include analysis and definition phases, where the purpose should be determined, the goals that need to be accomplished, and a set of definite requirements. Establishing a comprehensive audit plan is integral in fulfilling the successful and quality financials for a business. This should be done at the inception of creating the company as well as routinely checked on a consistent basis. This used in accordance with the Sarbanes-Oxley Act will guarantee that the company has a sure way to mitigate the fraud opportunity that may occur during the time of day-to-day operations (Strayer University 2013).
A fraud detection plan will provide the blueprint for a healthy environment in the aspect of protecting the company and its assets. The plan will give a…
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