Rogue Trader Character Analysis

First and foremost, the accounting system used should be updated. The case stated that the system was 30 years old and that prior accounting period transactions could not be locked down, which enabled internal control processes to be bypassed. Enhancing internal

How do the traditional gender roles we put on people in the 20th century affect how women and men see themselves now and during the 1940’s through the 1950’s. During World War Two tend to think of only men serving when that was actually not the case in World War Two ” some 350,00 women served in the armed forces.” In City of Thieves by David Benioff Vika,Kolya, and Lev all serve in non traditional roles. In City of Thieves the theme of masculinity and femininity plays a prevalent role in Levs feelings towards being a ‘real man’, Vika’s non traditional female role and Koylas masculinity throughout the novel.

F. Controls over cash and credit: a. Individual accountability for cash stocks. This meant that most personnel who dealt directly with cash were held individually accountable for a specific sum of money that was charged out to them. This control was designed to address the problem that these personnel will make mistakes to create any large shortages or persistent patterns of shortages.

2. What procedures can auditors perform to detect fraudulent entries made during the consolidation process?

The one pattern within the data that appears to be inconsistent yet if the auditors had established an internal control systems would be Monus the founder moving so freely throughout every aspect of the company with no one checking his movements. From choosing what properties to purchase to purchasing supplies. In any company there should be segregation of duties. For example, the person making the deposits should not be the person writing the checks. Had there been stipulations made it would not have been so convenient to commit the

Based on your scenario, recommend one (1) control that would prevent or detect your fraud. Support your recommendation with examples.

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.

The chances of failures can be decreased by executing the checks on the systems. These keep an eye on the systems preventing risks from occurring, and these checks are avoided as the interior controls. The motivation behind the inner controls is to keep the organization safe from risks associated with the modernized accounting-system risks. Organizations change their manual accounting systems to computerized accounting systems for different reasons, this incorporates the points of interest, and the explanation behind utilizing electronic accounting information is instinct. The organizations embrace the policies of their

With every internal control weakness a company needs to identify either a control policy or control procedure that will help prevent error or fraud from occuring in the future. Based on my suggestions as to what weaknesses existed at Goodner Brothers, Inc. I have suggested the policies or procedures that could be implemented to help prevent future issues. The internal control I would implement to hinder employee access to the accounting system would be to secure all computer programs with individual usernames and passwords to prevent access from others. The bookkeeper should be the only employee with access to the accounting system and to test this procedure the company would need to try and access the software without a username and password. To monitor the storage warehouse situation, the company should install computer scanning systems and video cameras at each location to supervize whether tires are being scanned in and out upon delivery and pick-up and to determine who and when these transactions are taking place. Semi-annual reviews should be conducted by sales managers to evaluate their sales representative. In addition, strengthening the tone at the top mentality should lie in the hands of each owner by personally reviewing all sales managers to create a top down effect.

Potential for misstatement & fraud: Compliance with the established procedures and controls were found to be ineffective. The fraud reporting process, technically put in place does not serve its intended purpose. The ineffective control environment has created an attitude and tone across the company where errors and inappropriate behavior may be seen as acceptable, thus creating opportunity for concealing fraud and potential misstatements.

There are various procedures that could be taken in to account that would, if properly implemented, would have detected the frauds that occurred within the companies. There are many control risks that should have been taking regarding inventory along with preliminary audit strategies for the inventory and substantive test to be done that would have raised many flags during the typical audits as well as in depth ones.

If you believe in yourself and have dedication, pride, and never quit, you will be successful. Markus Zusak, the author of The Book Thief, creates a story of a young orphan named Liesel Meminger, who is living with her new foster family. She learns the wonders of reading from her foster father and grows to love books. During Liesel’s time with her new family, she shows determination through her efforts and kindness with her encounters with other people. Liesel in The Book Thief expresses her traits, such as hardworking, and bravery.

Fraudulent, erroneous, and illegal acts committed by a public company, usually at a managerial or executive level, have been a very serious problem for many years and have prompted development of strict and updated regulations, such as the Sarbanes-Oxley Act, in an attempt to prevent these occurrences. Unfortunately, these new or updated regulations are not enough to prevent these acts from happening, thus not alleviating the auditors of their responsibility to detect fraud. Some methods that management and auditors can employ to prevent and detect fraud, errors, and illegal acts are: improving knowledge, improving skills,

Stephen Richards’ actions were plain and simply criminal, and therefore very serious. Richards used his position of power as the Global head of sales to compel clients into boosting sales earnings by quarter. And ultimately this led to "overly aggressive accounting practices" to boost their reported earnings. It was well known to CA’s

The bank's main owner, Ramón Báez Figueroa, was accused of operating a secret “bank within the bank” by officials for more than ten years (Economist, 2003).