Kpmg Case Summary

The design and implementation and objectives of company controls are not adequate to meet the control objectives. The control environment control objective is ineffective. This control objective lacks a written policy on ethical conduct, is lacking oversight from the board of directors and audit committee, lacks a consistent style and philosophy from management, and lacks a strong commitment to competence. The risk assessment control objective is effective but lacks any antifraud program and controls. The information and communication control is ineffective. A virus has been detected and is affecting the files of the company. This control is lacking a strong IT department. The general controls financial reporting control objective is effective but is weak in detecting or preventing material misstatement. The monitoring control objective is ineffective; this control has need of an internal auditor.

On July 13, 2012, Complainant filed a complaint against Respondent KRP Enterprise Inc., DBA The UPS Store, alleging discrimination based on Perceived Disability (mental illness) and Race/Color (Black) in violation of M.G.L. c. 272 § 98. Complainant alleges that she was treated differently in a place of public accommodation because of her race and Respondent perceived her to be disabled.

Using Analytical Procedures as Substantive Tests By Frank A. Buckless and D. Scott Showalter, NC State University

Internal control is one of the integral parts of an organization. It is a system which controls different types of risks,

● Monitoring — Internal control systems need to be monitored–a process that assesses the quality of the system’s performance over time. This is accomplished through ongoing monitoring activities, separate evaluations or a combination of the two. Ongoing monitoring occurs in the course of operations. It includes regular management and supervisory activities, and other actions personnel take in performing their duties. The scope and frequency of separate evaluations will depend primarily on an assessment of risks and the effectiveness of ongoing monitoring procedures. Internal control deficiencies should be reported upstream, with serious matters reported to top management and the board.

(2) Internal Control Phase: The auditor normally assesses the risk of material misstatement by examining both the general control environment and the application controls per business process

After the risk assessment tool was used to evaluate the risk to the organization, an appraisal of all potential risks were identified, for the initial part of the project through brainstorming. The following are risks that have been identified initially for this project:

Another aspect relevant to the information technology is the system-generated data and reports. If auditors choose a control that uses some information generated from the company’s internal IT system, the effectiveness of the control requires obtaining audit evidence of the accuracy and completeness of the internal information. In the ZOU’s case, when testing of the controls over risk #2, auditors use reports, which are automatically generated by the Warehouse K system. Auditors decide to further test the controls over accuracy and completeness. When testing the controls over risk #3, both monthly reporting package and budget information are somewhat generated internally by ZOU’s internal system. Depending on different systems, auditors decide to further test controls for accuracy and completeness with respect to the monthly reporting package, which is generated from PeopleSoft.

Our implementation plan mainly focuses on five risks, which are compliance risk, strategic risk, credit risk, operational risk, and financial risk. The corporation has established risk management committees to assess and manage the corporation’s exposure to the above risks. Then, the committees will prioritize these risks and establish guidelines for risk management processes. After that, it will assign the management of some risks to appropriate operating departments or individuals. The management process and department control activities are monitored by the committee and board of directors. However, each individual within the company has responsibility to identify and report potential risks to their managers.

The insider win policy should have been reviewed and appropriately revised to curb the rising number of insider win abnormalities. The review of the policy should have laid down sterner rules on the insiders especially in regards to fraud and client exploitation in regards to their lottery tickets. The OLG should have relied on sterner employee contracts that clearly stipulate the retailer`s obligations when redeeming the tickets. The retailer contracts should include clauses that allow for contract termination in the event of fraud by the retailer or the employees (Bliss 2009).

(Price, Utah) The Chevrolet Silverado pickup remains one of the most popular vehicles today, with 54,977 trucks sold in August 2015. This is a 11.7 percent increase over the same period during the previous year. Sales of the Chevrolet Equinox also increased significantly during August, witnessing a 17.9 percent increase over the same time period in 2014. Individuals in need of a new car or truck will find these and numerous other Chevy models at Tony Basso GM, the local chevy dealer.

The organization I selected is APMG, LLC a CPA firm I work for during tax season, a relatively small firm that’s been in business for over ten years. APMG provides accounting services for different types of industry, using the ATX software to prepare taxes. The owner of the company felt it was time to invest in new software with the intentions of improving productivity, revenue and clients. He made the decision to switch the ATX software. According to, Corbett, T. (2006). “A manager’s responsibility is to make decisions that will take an organization toward achieving its goal.” Upon his decision to switch software, he asked the senior accountant to conduct the research on the different types of tax software and to present him with the most

ABSTRACT: Information Technology General Controls (ITGCs), a fundamental category of internal controls, provide an overall foundation for reliance on any information produced by a system. Since the relation between ITGCs and the information produced by an organization’s various application programs is indirect, understanding how ITGCs interact and affect an auditor’s risk assessment is often challenging for students. This case helps students assess overall ITGC risk within an organization’s information systems. Students identify

Discuss client’s reaction to their road map, include any questions they may have had and how you handled those questions

The most important part of the report was the control process, here I have suggest some control techniques to make the business more effective and developed contingency plans to come out successfully if any unpredicted or incident happen in the internal or external environment.