Evidence Law and Audit Program Essay - 879 Words

As corporate controller for Apollo Shoes, you are tasked to find and explain any irregularities in the Apollo Shoes Case. Resource: Apollo Shoes Casebook Define the process you will use and address the following assessed classroom discussion questions: What procedures will be used to collect accounting evidence? What sampling tools and techniques will be used for the examination? How will you use analytical and inferential tools to evaluate accounting evidence? Submit your assignment to the facilitator. Note. APA formatting is not required for this assignment. Use a title and reference page where appropriate. Consider using a checklist or flowchart to outline your process. There are many irregularities that can arise†¦show more content†¦79-80). Substantive procedures for detecting irregularities in cash receipts include the following: ââ€" ª review the cash receipts journal and master file for unusual transactions; ââ€" ª trace cash receipts entries from the cash receipts journal entries to the bank statement; ââ€" ª prepare a proof of cash receipts; ââ€" ª obtain a... Although every investigation case is unique, the investigation process is similar for most cases and usually consists of four stages: Goal Setting, Planning, Investigation and Evaluation. The investigation process starts with goal setting. Goal Setting sets the expectation and identifies the complainant’s goals as well as obtainable results and acceptable outcomes. â€Å"The effectiveness of every fraud investigator, in pursuing either criminal or civil fraud investigations, is ultimately judged by how closely—and consistently—she reaches or exceeds her investigative goals.† Once the goals and expectation have been clearly defined, then an investigative plan is developed. Financial fraud investigations usually involves large amounts of data and information, an investigative plan focuses and controls the investigation and helps to manages the volumes of data gathered in an investigation. The investigation process begins with intelligence gathering, these procedures includes database searches,Show MoreRelatedFinancial Statements And On Design Internal Control Systems895 Words   |  4 Pagesprovides opinions on the reliability of the report and the effectiveness of the internal control. The external auditors determine if the financial statements are done correctly or not and in accordance to GAAP. If yes, the auditor issues an unqualified audit report that states that the company properly completed the financial statement. If the auditor believes that it was not done properly they issue an adverse report that states that the financial statement was not presented properly. The auditor communicatesRead MoreOperational Audit1064 Words   |  5 PagesNATURE OF OPERATIONAL AUDIT †¢ Also known as management audits and performance audits. †¢ Conducted to evaluate the effectiveness and/or efficiency of operations. †¢ Examinations of all or part of an entity to determine the degree of its operational efficiency, effectiveness and economy. †¢ Also refers to the auditor’s study of business operations for the purpose of making recommendations about economic and efficient use of resource, effective achievement of business objectivesRead MoreThe Elements Of An Effective Ethics Compliance Program824 Words   |  4 Pagesthe seven elements of an effective ethics compliance program which are: 1) Oversight Accountability Resources – ensure that the governing authority is knowledgeable about the operation of the compliance and ethics program and are able to exercise the appropriate oversight with regard to the execution and efficiency of the program (Parson Weiss, 2013). The Chief Compliance Officer will have the overall responsibility of overseeing the program and that it is implemented properly. The day-to-dayRead MoreThe Health Care Facilities And Organizations890 Words   |  4 Pageshealth care fraud and medical errors. Therefore, the management and the internal auditing come together and share their knowledge and tools to assess and evaluate the risks, issues and policies and make sure to there is not any risk of audit failure during the audit process. Brief History of Health Management, Inc. When we went to the hospitals and clinics whether the visit is for an emergency or for a monthly check up, all we see is doctors, nurses and care givers who are working front line inRead MoreThe Factors of a Good Fraud Examiner926 Words   |  4 PagesThe development of fraud examiner/forensic accounting profession since the 2001 Enron Fraud After the Enron and WorldCom business climate, there came a new US federal law called Sarbanes – Oxley Act. The SOX contains 11 titles that describe specific mandates and requirements for financial reporting. It makes corporate executives more accountable for their actions. Companies invested a tremendous amount of resources, time, and effort in order to comply with the requirements. It clearly improved theRead MoreStandards, Norms And Standards Of Auditing And The International Standard On Audit Quality1622 Words   |  7 Pagesorder to be objective and independent, auditors must be subject to some standards, norms and even the laws. This essay mainly describes the content and the implementation of three main standards: Ethical Standards (ESs), International Standards on Auditing (ISAs) and the International Standard on Audit Quality (ISQC). Question 1 Ethical Standards includes some audit fundamental principles and basic audit procedures for the auditors to follow in order to be objective and independent. ESs has eight partsRead MoreAuditing Profession - Example1610 Words   |  7 PagesAuditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (Arens, Elder, Beasley, 2010). Auditing should be done by a competent, independent person. Accounting is the recording, classifying, and summarizing of economic events in a logical manner for the purpose of providing financial information for decision making (Arens, Elder, Beasley, 2010). Many people confuse auditingRead MoreThe New York State Comptroller 1213 Words   |  5 Pagesother branches of government in check. The Comptroller presides over the investments of municipal pension funds, audits city agencies and is essentially the states chief accountant/financial officer. Even though they have all this authority they are not allowed to make laws, so this authority is seen when they issue financial proposals that they government can decide to turn into laws. Their opinions and perspectives are highly valued and taken into account. The Comptroller oversees the billionRead MoreSubsequent Events At The End Of The Accounting Period1574 Words   |  7 Pagessubsequent events at the end of the accounting period and discuss material items with the auditing team. There are two types of subsequent events, recognized and non-recognized(FASB, 2008). Recognized subsequent events are those that provide additional evidence about the conditions that existed on the balance sheet date. This type includes events occurring up to the date of the auditor s report. In it s simplest form, recognized subsequent events are changes to assets or liabilities or an alteration toRead MoreMonitoring Of Walmart Information Resources1379 Words   |  6 PagesOIG) must receive authorization from the CISO prior to conducting monitoring and scanning activities. The CPO has the responsibility to authorize, in writing, requests for message data content, or Internet usage monitoring. The Information Catalog Program (ICP) Office is responsible for documenting and servicing the request. In case of threats to Walmart’s infrastructure, network, or operations, the manager, CISO, is authorized to take appropriate action, which may include viewing and/or disclosing