Pc 's Stolen From Offices

I would like to share the a procedure at my work where we spend about 15-30 mins every morning to conduct a 6S audit where we need to go through a checklist and make sure that critical things required for work are in place and ready to use.

Moreover, the auditor should preform test for effectiveness of internal controls. He may interview management by asking questions on the process of the transactions and operational activities. He may discuss with management the process of some transactions from beginning to end and then test it by using sample testing. Also he/she should make sure that there is proper control of activities; policies and procedures for adequate segregation of duties are met.

Electronic records can be protected by password access to the computer, to the folder, to the file. Some systems allow access (to anything electronic) by only authorised personnel based on employee number or similar. Some computers are not connected to the internet to avoid the risk of intervention. Movement of data should require that the data is first encrypted so if intercepted cannot be viewed.

Steps such as interviews you may have conducted, transactional testing, document reviews, the timeframe under review, research you might have done, and anything else to investigate the issue.

The four stages of the audit are: planning and designing an audit approach, performing tests of controls and substantive tests of transactions, perform analytical procedures and tests of details of balances, and complete the audit and issue an audit report (Arens, xix). For planning and risk assessment, Keller will want to understand what is going on at Smackey, including the business itself as well as the dog food manufacturing industry. The team will want to learn what risks are currently impacting the business such as the need for another bank loan, the returns and waste issue, and potential theft occurring with employees. Keller will need to determine where there will be issues with internal controls by asking questions of the different key players at Smackey. Here is where Keller will determine the overall audit plan and set the tone for the engagement.

3. The third stage is Fieldwork. During this stage, the auditor should observe firsthand how the company operates. They need to check out all the areas that are less effective to the welfare of the company’s finances. In the case of Smackey, the auditor would note about all the returned dog food from their specialty line that is just sitting on the loading dock. They also noticed that the dog food is being thrown out and then taken back and loaded into Henry’s trunk (possible misappropriation).

Identify the current problem: The first step is identifying what in the system is going wrong and what needs to be changed. So first you should start with audit process, which will identify current issues or potential risks, which may occur in your company. From this report you will be able to know which areas in your company in need to be improved firstly. Also you should review which processes have higher impacts on your company, stakeholders, resources

To begin the review process there should be some knowledge of the processes and procedures in the accounting department. It may be a good idea to observe all of the procedures that go into creating the financial statements. Look for any weaknesses or questionable practices and create a list of questions. Then in the next phase the auditor can conduct interviews to get a better understanding of the accounting staff. Observations and interviews can set the groundwork and provide information into any nuances or potential fraud or abuse. Any material weaknesses found can be further explored.

In preparing for the audit all aspects of a company need to be reviewed. For the preparation of the audit several things must be considered as define in the following pages.

An important decision for any shareholder is deciding whether or not to do business with that company. When a business is audited, the operations are reviewed to make sure that nothing is being hidden. An auditor will review the company’s financial statement and practices to confirm that each are direct and correct. The financial statements are the business’s way of representing them and showing that they are following the Generally Accepted Accounting Principles. The audit process is an important one because it provides a platform for the auditor’s opinion concerning the financial statements of the company. As part of the audit process the auditor will conduct an audit plan that outlines a number of actions that he or she will be perform while also detailing the reason for those actions. With every audit, the business’s management is in charge of handing over the financial statements that the auditor will review; while the auditor will review the statements for any material or immaterial misstatements.

In looking at the audit from the previous audit period I noticed a couple of mistakes. In response to these mistakes I enlisted a worker in IT who will look at the controls for your computers to make sure they are secure and that only permitted people can enter the computer systems and nobody else so that they proven to be more secure.

This is done by gathering information about operations, reviewing financial activity and business procedures, conducting more interviews with key personnel, and observing unit procedures. Auditors will create flowcharts, determine whether internal controls and procedures are operating properly, identify areas of risk and concern, and select which internal controls to test. Internal controls intended to prevent and detect misstatements should also be evaluated and tested. Analytical analysis can possibly detect misstatements. This process compares the company’s revenue and industry trends.

An audit is based when management prepares the financial statements, maintain internal control over financial reporting, and provide relevant information and access to the auditor.

For example, FFC relies on bar code scanners and credit/debit card readers. To maintain its competitive edge in its market area, FFC recently implemented a fingerprint bio-coding payment system in all of its stores. This new systems implementation required that FFC change several of its general-ledger application programs; in particular, those related to its cash receipts processing. FFC does not use any outside service organizations to provide its IT services. Sophie Ewing, the audit senior who heads up your team, decided that because of FFC’s complex and sophisticated IT processing, an IT General Control (ITGC) review is mandatory to meet SAS 109’s risk assessment procedures and SOX Section 404 Management Assessment of Internal Controls requirements. You know that an ITGC review is very important because ITGCs provide the foundation for reliance on any financial information FCC’s systems produce. Your evaluation will affect the financial auditor in assessing the risk of material misstatement in FFC’s financials, and consequently, the audit plan. At your first team meeting, Sophie announced that your firm’s network security specialists would review the technical issues related to FFC’s internal controls. They will evaluate FFC’s operating systems, its telecommunications software, and its network configuration and firewalls. In preparation for the meeting, Sophie encouraged you to review the key provisions included in SAS 109, SOX Section 404,

This paper can help in understanding how the board, management, and internal audit each have a significant role in ensuring information security is effective. We can learn that internal auditing can also help prepare the organization for an external regulatory audit (SOX or HIPAA, for example) by evaluating management 's efforts and providing recommendations for improvement prior to the external audit. This can help in understanding that IT security audits contribute to an organization 's regulatory compliance efforts by confirming to senior management and