Internal audit Essays

Date: 11/17/2014 To: The Director of Internal Audit, Dentistar Inc From: Fahad Albaijan, Staff Auditor Subject: Internal Controls Assessment Report – Western Region Background: Dentistar Inc is a company that was created in 1985 for the purpose of providing dental and orthodontic services to individuals who enjoyed prepaid dental services across the nation. It is imperative to carry out an internal audit of the Western Region’s internal system controls since there have been several reported

Internal auditors Internal auditors provide operational, strategic, and tactical value to the business. They inform the Change Advisory Board and management about the other stakeholders’ understanding of change management and adherence to policies. They validate the efforts of management to be effective and proactive in facing current and future threats. They compare present practices within the organization with regulatory guidelines and industry practices. What are the responsibilities of internal

Code of ethics Code of ethics says or states the principal and expectations governing the behavior of individuals and organizations in the conduct of internal audit. Code of ethics is started by setting out the values that underline the code and will specify the company’s obligation to its stakeholders and employees and other people connected to the company .The code is publicly made available and addressed to anyone with an interest in the company’s activity and the way it does business. It

FACT Files OCE Complaint against Congressman Lewis & his Chief of Staff Potential Ethics Violation #9 In January 2016, the Foundation for Accountability and Civic Trust (FACT) filed a request with the Office of Congressional Ethics (OCE) to “investigate Representative John Lewis and his Chief of Staff, Michael Collins, for violating important and serious House ethics rules prohibiting outside employment” (Whitaker, 2017a, para. 1). According to Whitaker (2017a), Mr. Collins received $27

Based on my investigation, physical evidence, and sworn statements from the victims and witnesses, the defendant Ashlee Pridgen, did commit the act of burglary, grand theft, dealing in stolen property, and False Pawn verification on 5-13-2016 and 5-17-2016. The details of these events are; On or about 5-13-2016, the defendant Ashlee Pridgen was at 1803 Laurel Oak Drive, Rockledge, Florida. Defendant was visiting a friend, Kayleigh Chase, at this residence. While inside the residence, defendant

Carlos is guilty of the following Prohibited Acts: misrepresentation, forging or altering documents or credentials, and knowingly furnishing false information to the institution. Olivia is not guilty of committing any of the Prohibited Acts. Neither is Olivia guilty of facilitating academic dishonesty. Olivia is only guilty of violating Professor Clemente’s Class Attendance Policy. Olivia had been absent from Professor Clemente’s class twice before. One day in class, Professor Clemente noticed

got tied up in the Enron situation, it is quite unfair to blame independent directors who have to depend on the external and internal auditors who are suppose to be giving independent and capable reports.” (Mark Mobius) The above quote lays the responsibility of the fall of a company on the auditors. The biggest audit fail of Enron Corporation not only led the company towards declaring bankruptcy but also dissolved one of the five big professional

The audit firm of Barings, Deloitte & Touche failing to spot the activities of Nick Leeson when performed audit jobs. Deloitte & Touche, which audited the accounts of Barings Futures Singapore, fail to detect "window dressing" in the accounts and signs of unauthorised trading. Deloitte & Touche have not investigated further and revealed Leeson 's unauthorised trading even though BFS 's balance sheet showed the company had deposited more margins with the Singapore futures exchange than it had received

Section 300-10 (Expense Report Approval Procedure and Supporting Documentation Requirement) and 300-20(Expense Report Eligibility Requirement). After two exceptions were identified, I pulled 40 more employee expense reports based on Schnitzer Steel Internal Audit Manual – Chapter 2: Sampling Methodology to determine if the exceptions were isolated instances or systemic issues. What I found – Within the initial 10 expense reports, I found two exceptions. Specifically, Sample No.7 with a total amount

1.Revere Plastic,Process Flow and Project Scope A. Company Profile Revere Plastics Systems LLC, an ISO certified company that make commercial-grade and household appliances function are plastic injection molders with presses ranging in 25 – 1,500 tons. It is headquartered in Clyde,Ohio. Revere Plastics has three other locations in Brampton, Ontario and Jeffersonville. The company has a rich client base as listed below: • Dura Automotive System • GE • Whirlpool • Maytag • Briggs Stratton • Grupo

evaluate three annual audits (during 2005-2007) of Medicis Pharmaceutical Corp’s financial statements. The PCAOB stated that E&Y along with its partners did not properly evaluate Medicis sales returns reserve and “accepted the company 's practice of imposing the reserve for product returns based on the cost of replacing the product, instead of at gross sales price” (Rapoport, 2016, para 4). The board stated that the auditors knew or should have known because the audit

WorldCom, the auditors not only failed to discover these companies fraudulent financial reporting but some even help in guidance to continue fraud schemes. Andersen Accounting helps Waste Management in their fraudulent activities by issuing unqualified audit reports of the company’s false financial statements, and engaged in a secret agreement to write-off error of data over the periods of up to ten years and to change accounting practices. Andersen Accounting certified WorldCom’s false financial data

started to witness huge financial pressure. The management used various forged accounting entries to conceal its weakening position. Cynthia Cooper, Vice President Internal Audit, discovered the unethical activities and raised the issue with the management and relevant departments and received bitter responses. She carried out internal audits in her own capacity with her colleagues and compiled evidence against fraudulent activities. The Core

stance of their individual followers, or the group they lead. As an ethical leader, they are expected to take responsibility and work to correct mistakes. They must ensure the company has an effective internal controls in place to identify unethical practices. In my opinion, big companies in their audit and compliance committees should have members who may act as ethicist to assess whether the actions of the company are consistent with the desired ethical

Adolescence is, unarguably, the most important time in a human’s life, it’s the transitional period between childhood and adulthood. According to WHO , Adolescence occur between the age of 12 and 14. During adolescence, teens undergo some major changes, physically and mentally, to further prepare them into becoming adults in the later stage of life. At adolescence, teenagers must pick where to go next after high school. Their first choice would be going to a university, where he/she would further

What is a constitution? A constitution is termed as a set of rules relating to how a country will be governed. The rules consist of the roles, functions and powers of the country and shows how coordinate the relationship between the state and the people. The constitution also includes the rights and the freedoms of the people. According to Jeremy Bentham, the word ‘constitution’ was used to refer to as ‘the aggregate of those laws in a state which were styled collectively the public law’. This

INTRODUCTION A widely used definition is: "A conflict of interest is a set of circumstances that creates a risk that professional judgement or actions regarding a primary interest will be unduly influenced by a secondary interest." Primary interest refers to the principal goals of the profession or activity, such as the protection of clients, the health of patients, the integrity of research, and the duties of public office. Secondary interest includes not only financial gain but also such motives

Tutorial 4 26 August 2014 Name: James Surname: Gilbert Student Number: 201404266 Tutorial Group: 1 The Relevance of Accounting History as an Academic Discipline. People cannot predict the future by looking at the past, they cannot change the past by studying it extensively. So then, why is it that so many people do look back at what was? Is it to reminisce over lost times, or to ponder about a world so different to what is now? No, it is in fact to use what was observed and tried

Debt Settlement -- Why The Critics Are Wrong By Ricky Balboa Sep 9, 2010 A lot more people are becoming interested in debt settlement as an alternative to bankruptcy. That's because a new bankruptcy law was enacted on October 17, 2005, which means a rude awakening for many consumers seeking a fresh start in bankruptcy court. It used to be that 7 out of 10 people filing personal bankruptcy were granted Chapter 7 status, where the unsecured debts are totally wiped away. That has changed under the

The FASB Accounting Standards Codification (FASB Codification) is the only source of authoritative GAAP apart from SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update to inform people about changes to the FASB Codification, which includes changes to non-authoritative SEC content. In relation to International Financial Reporting Standards (IFRS), after a new IFRS Standard is issued and before it becomes effective, the International Accounting