Internal Control System For this week's discussion: Use the Internet or Strayer University Library to locate and review the Sarbanes-Oxley Act legislation online. Review the auditing sections in SOX Act. Research a company that had a fraud event happen due to inadequate accounting procedures. Review the fraud event that happened in the company in detail and identify at least two accounting control procedures that were deficient in this event. Propose an internal control system that would have eliminated the fraud, using the ERP system. Be sure to respond to at least one of your classmates' posts.

Select the correct answer(s) for the following multiple-choice questions. Note that there may be more than one correct answer. Cyber sleuths need the following skills: a. Ability to do complex programming so they can develop their own software to examine corporate data and records. b. Ability to follow a trail, think analytically, and be thorough. c. Ability to use their computer engineering experience to evaluate the hardware used by the company d. Ability to think like a fraud perpetrator and use hacking tools and techniques. e. Ability to use their legal training to properly prepare the evidence needed to prosecute perpetrators

An IT auditor is conducting data analysis procedures on an employee expense report file and notices several expenses for $24.99 from the same individual.  The company’s policy requires that any expenses that are under $25.00 do not require a receipt.  The IT auditor should: [SELECT ALL THAT APPLY a) Maintain professional skepticism and investigate these transactions further b) Pass on investigating these items further, focusing on higher dollar amounts c) Evaluate the business process approval controls, and related procedures d) Discuss fraud awareness and detection programs with management to gain an understanding of management’s commitment to fraud prevention and related entity-level anti-fraud controls.

Overview For this assignment, you will represent a company that does not currently have an accounting information system (AIS) established. Make sure you clearly identify the business line, product type, and market position. Read this article before you begin: Identifying the Absence of Effective Internal Controls: An Alternative Approach for Internal Control Audits. Instructions Write a 3-4-page paper in which you: Identify at least four different areas where there could be potential accounting fraud in a company. Make sure you elaborate on your reasoning for why accounting fraud could occur as well as the financial implications on the organization. Design a method of detection and a method of limiting the possible financial fraud. Provide support for your arguments and rationale using support from your text and supplemental readings. Provide support for arguments and rationale using AIS knowledge and recent AIS literature. Draft a one-page recommendation at the end of the document…