assignment 3 Essay

1087 WordsJan 20, 20155 Pages
ASSIGNMENT 3: FREESCALE SEMICONDUCTOR INC. Submitted by Mohammed A Khan Submitted to Prof: Wendy Achilles Course: Acc 562 Advanced Auditing Dated: 12-14-2014 Introduction • Freescale Semiconductor Inc. (FCI) is a global leader in embedded processing solutions, providing industry leading products that are advancing the automotive, consumer, industrial and networking markets. • From microprocessors and microcontrollers to sensors, analog integrated circuits and connectivity – FCI’s technologies are the foundation for the innovations that make the world greener, safer, healthier and more connected. Continued from previous slide • Some of Free scale's key applications and end-markets include automotive safety, hybrid and all-electric…show more content…
Internal Control Tool to avoid a fraud: Under this case • Role of independent Partner – responsible for sharing insider information to anyone. His actions should be monitored by other authorized persons of E & Y company since this is very sophisticated matter and also involved a reputation of the company. • Market reaction after involvement – E & Y should closely monitor the market fluctuations on that specific share after their involvement. Continued from previous slide • Monitor the beneficial – E& Y can ask for the trading report for 2 weeks from the share trading company of that particular entity (Freescale Semiconductor, Inc.) How Murdoch can avoid this allegation • Means of communication – It revealed that Murdoch and Gansman communicated about 400 times via text massage and telephone which is recordable. Physical communication is not recordable with substance. • No. of beneficial – Murdock also leaked the information to her relatives. Continued from previous slide • Financial Relationship – It was revealed that Gansman and Murdoch had financial relationship which is reasonably understandable to the parties who are questioning that particular leaking. Auditor’s responsibility in terms of consulting and audit engagement • Use – Consulting engagement of the auditor is an internal service to the company whether may be an investment will be feasible or not. But Audit engagement

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