Fraud cases significantly cause millions or billions of losses to companies. Because of this, many business organizations established a system to prevent these from happening. How can organizations promote a culture of honesty, and integrity, not just to its employees but as well as to its management, to prevent fraud? (Cite a concrete example
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Fraud cases significantly cause millions or billions of losses to companies. Because of this, many business organizations established a system to prevent these from happening. How can organizations promote a culture of honesty, and integrity, not just to its employees but as well as to its management, to prevent fraud? (Cite a concrete example)
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- Management oversight on internal controls and communication is a key in successfully implementing the financial strategies of any organization. Management cannot do every single aspect in the company, and must rely on communication and ethical conduct to get business done. Review at least two news articles or publications about current and future trends in the management of internal processes and their impact on companies' performance. How does the specific authorization and management oversight of financial capital processes affect internal controls? Provide examples of failed authorization and successful authorization of internal controls and the financial capital outcomes.Fraud by senior management often has the following characteristics except: A.Top management deception b.Manipulation of the financial c.statements Kickbacks or bribes d.Pressure to earn year-end bonusesAn Ethical Dilemma Jayla just landed an internship with Acme Incorporated in the payroll department. She was excited because these internships usually turned into a full time job after graduation. Jayla was hired by Deon, the head of the Payroll Department. He told her about their policies and stressed the need for maintaining strict confidentiality regarding employee salaries and pay scales. “Several years ago we had an intern who violated the confidentiality policy and was given a negative internship summary,” explained Deon. “I understand, sir,” Jayla responded. Jayla was determined to learn as much as she could about the job. She made sure she was always on time, followed all of the policies and procedures, and got along well with her co-workers. She started to feel like she fit in at Acme and dreamed of the day when she worked there permanently. However, one day while studying the books, Jayla began to notice abnormalities in one of the salespeople’s salary. Greg, one of the…
- An Ethical Dilemma Jayla just landed an internship with Acme Incorporated in the payroll department. She was excited because these internships usually turned into a full time job after graduation. Jayla was hired by Deon, the head of the Payroll Department. He told her about their policies and stressed the need for maintaining strict confidentiality regarding employee salaries and pay scales. “Several years ago we had an intern who violated the confidentiality policy and was given a negative internship summary,” explained Deon. “I understand, sir,” Jayla responded. Jayla was determined to learn as much as she could about the job. She made sure she was always on time, followed all of the policies and procedures, and got along well with her co-workers. She started to feel like she fit in at Acme and dreamed of the day when she worked there permanently.…Due to the possibility of serious misstatements as a result of fraud (fraud risk), an audit of financial statements conducted in line with generally accepted auditing standards should be conducted with (1) professional scepticism. (3) unbiased judgement. (2) self-reliant integrity. (4) unbiased conservatismAfter the organization's restructuring, management is concerned that new employees, and even existing employees in new roles, don't have the adequate security knowledge that they should to keep the organization safe. Up until now, there hasn't been any formal process for getting people trained on the company's security policies, standards, and guidelines. Rather than continue to take a passive approach to people-based security, you've been tasked with planning a training program for all employees to go through. Answer the following questions as part of your analysis: Note: You need to provide full detail of your analysis of the case study. What security issues need to be addressed in this training program? What are the objectives and expected outcomes for the training? What are the key points that your training should include for general staff? Other than general staff, how would you customize the training program for different job roles/levels (e.g., board of directors, management,…
- According to COSO, which of the following differences relevant to the risk-assessment process is most likely to exist bel large entity and a small entity? O A. O B. O C. O D. The CEO of a small entity is more likely than the CEO of a large entity to be attuned to risks arising from internal factors through hands-on involvement with all levels of personnel. The risk-assessment process in a small entity is more structured than in a large one because of the nature of some of the internal control components in a small entity. An owner-manager of a small entity will not normally learn about risks arising from external factors through direct contact with customers, suppliers, and other outsiders, whereas in large entities this process is part of the entity's primary way of identifying new risk. Risk assessment in a small entity, as opposed to that in a large entity, can be problematic to implement because the in- depth involvement of the CEO and other key managers is a conflict of interest…Do you anticipate any challenges associated with maintaining the accuracy of the information?The company hires independent contractors to perform a variety of customer-focused tasks, such as complaint resolution, for its client, the financial services industry. We get to know all of our contractors because, as the chief of staff puts it, "vetting of such contractors is very important because of the nature of our client's business. We've even watched contractors develop. We have one contractor with us today who started at 16 and is now a manager at 26." The contractors are introduced to more than just the chief. Some of the contractors have been working with a customer for so long that if they leave, the crew must continue. This company has 4,000 contractors and 226 full-time employees, so succession planning must take both into consideration. When working with a contractor, it usually recommends to its financial services clients that they add the contractor to their at-risk registry. The client will hire a full-time employee, and the contractor will learn new skills. Select…
- Send reply to the following three points. answer in your own words. When a company is just starting out it is not feasible or practical to implement certain audit controls. What are some of the minimal controls that small businesses should implement and what are some challenges that managers face when increasing internal controls as their companies grow. The COVID-19 pandemic has changed the way many businesses operate. List some challenges and controls that companies should implement for workers and how the role of an external auditor may be affected. The corporate fraud most of the scandals was involved with the auditor and also the company board of directors. What action might take for these scandals which involve auditors and the board of directors? A similar mistake should not be repeated in future operations. As an accountant what steps can one take to ensure that they are not subject to an unconscious bias? Does doing something morally correct but illegal justify a wrong audit?Boxes-and-Stuff, a box-packing and mailing company in a small town along the Gulf Coast, lost a key employee last month when its accounting manager was fired for embezzling company money. Now, the owners of Boxes-and-Stuff, Jerome and Natalia, need to find another accounting manager-fast. But as they hurry to fill the position, they don't want to select a dishonest or incompetent employee. They need to be cautious. Fortunately, the police chief found the embezzled funds in a bank account set up by the former employee, and authorized the return of the money. This means that Boxes-and-Stuff will not lose the embezzled amount, after all. However, Jerome and Natalia are already thinking of ways to protect their company from other risks. They want to be prepared for risky situations in the future. Questions: 1. Which risks do you think Boxes-and-Stuff might face? 2. Are these risks pure (insurable) or speculative (not insurable)?You Are Your Own Worst Enemy In a case study, the importance of information security was emphasized. While there will be many outside your organization attempting to break into your identity management systems to steal information, unknowingly people inside your organization will be helping. Inside? Who? More than likely, you . . . or at least members of your generation (assuming you are a typical college-age student—if you aren’t, no offense intended). At least three different studies have been performed whose results indicate that employees 28 years of age and younger—Millennials, Generation Y, or Gen Y—engage in online activities while at work or using company technologies that create information vulnerabilities for their own organizations. What’s happening is quite simple, but very dangerous. Gen Y employees are downloading and/or using nonsanctioned IT tools while at work or using company technology. These “nonsanctioned” tools include instant messaging, open-source technologies,…