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Essay About Auditing (need 10 sentences, concise and direct to the point)
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- How could Pascal and Super Tech have identified and addressed this risk? What should Pascal do now? Case - Pascal is the manager of software development for Super Tech. He discovered that Bill, the lead software designer, has announced that he is leaving the company next week. Pascal finds that Bill has accepted a job with Super Tech main competitor. Pascal fear that in his new job, Bill will use technology developed while at the company and disclose the identities of key customers.Donald Waddell got a job at the Boyce Thompson Institute for Plant Research. Waddell did not have an employment contract for a fixed term, and the institute’s employee manual said that his job was “terminable at will.” Soon after he was hired, the institute implemented a whistleblower policy designed to encourage “the highest standards of financial reporting and lawful and ethical behavior.” Waddell repeatedly told his supervisor, Sophia Darling, that she needed to file certain financial documents more promptly. Darling fired Waddell, telling him that he was disrespectful and insubordinate. Define “at will” employment and wrongful termination. Based on the evidence given, was Waddell wrongfully terminated? Why, or why not.what is the potential consequences and give each of the question a prevention technique. 1)A company has recently installed a new computer network. The operating philosophy adopted by the new network administrator was to establish an open system that would foster work group date to the network users. To accomplish this objective, the data administrator assigned employee access privileges to data based on department and functional affiliation rather than specific tasks. 2)Sara is a system programmer who was told she would be terminated in three weeks due to poor performance and was asked to conclude all of her projects during the three-week period. Two weeks later Sara created a logic bomb designed to get activated three months after her departure. Subsequently, the bomb destroyed hundreds of records in her previous employer’s accounts receivable invoice file. 3)Matt discovered a new sensitivity analysis public-domain program on the Internet. He downloaded the software to his laptop at…
- You are engaged to assist in the installation of a new computerized production system for your client. Because the firm did not have experienced staff available for the engagement, your firm assigned several newly hired staff assistants without sufficient supervision. As a result, the client incurred significant losses when the production system crashed, causing significant backlogs and lost production sales. What are the possible legal implications of this situation for your CPA firm?Huang is an investment adviser for high-net-worth clients. Huang’sresponsibility is to assist new clients complete the extensive documentationneeded in opening an account. These signed documents give access to clientassets and the discretion to trade on behalf of the client. Because Huang is new and not familiar with firm procedures and is afraid of making mistakes with the documents. Therefore, he uses erasable ink in completing thedocumentation so he can easily fix any mistakes without having to go back tothe client for additional signatures. Comment the action of HuangAssume Ethan sets a meeting with Vick in two days to follow-up on his request. Vick has decided not to be part of the cover-up. Use the GVV framework to help Vick prepare for the meeting. Consider the following: What should Vick say to counteract Ethan's request? How might Vick's intended action affect the company and the external auditors? Who can Vick go to for support?
- After finishing your accounting degree, you joined an accounting firm. This is a medium-size accountingfirm with a reasonable range of clients. You are in an engagement meeting with one of your clients, andyour client's management raises some concerns. In particular, the management is concerned that theaudit tests that you perform will disrupt operations. Your client has recently implemented a datawarehouse. The management suggests that you draw the data for analytical reviews and substantivetesting from the data warehouse instead of the operational database. Further, the management pointsout that operational data are copied weekly into the data warehouse, and all data you need are containedthere.Required: Based on the given scenario, outline your response to the management's proposal and mentionany concerns you might have.You are a trainee accountant in an audit firm. A more senior trainee has been on sick leave, and you are due to go on study leave. You have been told by your manager that, before you go on leave, you must complete some complicated work. The deadline is very near. You feel that you are not experienced to complete the work alone. You would need additional help to complete it to the required standard, and your manager appears unable to offer the necessary support. If you try to complete the work within the proposed deadline but with lower quality, you could face problems later You feel slightly intimidated by your manager, and also feel pressure to do the work. Which of the below fundamental principles of professional ethics is affected - a. The reputation of the audit firm may be affected if you try to perform the work and will be against professional behavior. b. You should consider how best to raise the matter with an expert person from your professional body (ACCA). This may…Is it an entity inherent risk for the information below? Supervisors working at Marco Inc. interview all perspective employees for positions they supervise. In addition, at least one of the corporate officers also interviews each perspective employee. Most of the key employees, including the officers, have been with Marco for more than ten years. However, due to the high demand for accountants, Stephen Violet an accountant and most of the accounting staff have been employed at Marco for less than 3 years. While Marco checks references for any prospective employee, they do not check criminal records or perform other forms of background checks. If it is an inherent risk, what is the feature of the firm that will possibly affect inherent risk and explain how and why; that is whether it increases or decreases inherent risk. Please address a specific risk to the accuracy of the financial statements with the "how" and whether audit effort should be increased or decreased for specific…
- Suppose you are working in an organization where your best friend is your colleague. One day due to some technical problem the biometric machine for attendance was not working for one week. Your best friend is coming late to the company daily as he need not have to record attendance. Your friend is happy upon not entering attendance and not coming on time. Whereas you do not agree with him and advised him to correct. He refused to do it so. If you insist on him you will lose your best friend. Based on this choose the type of dilemma you face a. Personal ethical dilemma b. Organizational ethical dilemma c. Societal ethical dilemma d. Professional ethical dilemmaThe internal auditor of a small company has recommended to the CEO that it invest in a disaster recovery plan (DRP) because of several identified vulnerabilities. Traditional in-house DRP approaches are, however, not a viable option because the company lacks the necessary IT resources to implement and manage these tasks. The auditor has suggested that outsourcing disaster recovery to a cloud-based service provider may be a reasonable alternative. The CEO has no experience with cloud computing and has asked the internal auditor to provide him with more information. Required: Prepare a report outlining cloud computing. Your report should address the following: List the key features of cloud computingYou are the systems analyst of Crabtree Computers Limited. Several recent incidents of employee errors and omissions have made you realized that there are certain flaws in the internal controls and auditing systems of the company. You decided to take a number of steps to mitigate the existing risks and to improve the audit and control processes. You are concerned with the segregation of duties. Required 1. What functions must be separated? If ideal segregation of duties is not economically feasible, what are some compensating controls that would help reduce the risk of fraud or error? 2. Using a flowchart diagram, explain the risk assessment process that you will implement at Crabtree Computers Limited to endeavour to improve the current system. 3. The information system of Crabtree Computers Ltd. is deemed to be 90% reliable. A major threat in the procurement process has been discovered with an exposure of $300,000. Two control procedures are identified to…