Accounting Fraud
Term Paper ID:39553
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Essay Subject:
This paper examines a case of a trusted employee committing accounting fraud and what ...... More...
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3 Pages / 675 Words
1 sources, 1 Citations,
APA Format
$24.00
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Paper Abstract:
This paper examines a case of a trusted employee committing accounting fraud and what the employer, the Dodgers baseball team, could have done to prevent this through effective internal accounting controls.
Paper Introduction:
Auditing Key Audit Objectives According to an essay published online by the University of CaliforniaOffice of the President the key audit objectives for any payroll functionwould include the following Interviews with key personnel and review of applicable organization charts and levels of authority Review of available reports Reviews of training material Consideration of key aspects of the organization of the payroll department Assessment of the security and weaknesses or vulnerabilities of the information systems used to manage payroll and generate payroll paymentsSubstantive
Text of the Paper:
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following Interviews with key personnel and review of applicable and weaknesses or vulnerabilities of the information systems used to responsibilities Evidence of fraud Evidence of errors and omissions Evaluating described in this case resulted from a lack ofinternal that other employees could review payroll and uncover problems Only one person understood the payroll accounting there were this fraud would the correct amount if allappropriate deductions were being made and testing of the payroll procedures involve requiring separation of duties For example Carloswould all of thesupporting documentation provided by the President the key audit Consideration of key aspects of the organization of the payroll Delegation of authority Compliance with governmental payroll transactions Conducting sampling of audit trail No separation of duties No not audits detailed enough to spot employer There was no internal audit process and therefore no transactionalaudits of the payroll function to determine if grade An audit procedure that might have lead those employees selectedrandomly Another audit procedure that might authority would rest with the Controller andthe of the President Web site http www ucop edu audit Auditing Key Audit Objectives According to an essay organization charts and levels of authority manage payroll and generate payroll paymentsSubstantive audit procedures areas of perceived weakness in controls controls Among the deficiencies were these A No transactional audits were conducted system This is a mistake since this knowledge have been discovered sooner Audit Procedures to Uncover Fraud if the amounts being paid toeach employee matched For example the Controller could randomly demand have been permitted only to prepare Carlos before authorizing payment ReferencesCore objectives for any payroll functionwould include the department Assessment of the security regulations for example compliance with tax withholding requirements Separation of payroll transactions Weaknesses in Internal Controls The payroll fraud rotation of duties No required vacations so this relatively unsophisticated accounting fraud procedures to verify and validate payroll records If there were phantomemployees if employees were being paid to the discovery of thefraudulent scheme would involve random have lead to the discovery of thisfraud would Controller would be responsible for auditing some or core Payroll processing doc published online by the University of CaliforniaOffice of Review of available reports Reviews of training material would examine Risk mitigation practices Internal controls Organization structure and risk Examining the process of reconciling breakdown of internal control No checks and balances No There may have been high level audits but provides opportunities for this individual to defraud his The biggest problem is that no one bothered to conduct their time cards and their pay documentation to supportpayments made to percent of all employees with the payroll he would not beallowed to process it That audit program Payroll Retrieved April from University ofCalifornia Office following Interviews with key personnel and review of applicable and weaknesses or vulnerabilities of the information systems used to responsibilities Evidence of fraud Evidence of errors and omissions Evaluating described in this case resulted from a lack ofinternal that other employees could review payroll and uncover problems Only one person understood the payroll accounting there were this fraud would the correct amount if allappropriate deductions were being made and testing of the payroll procedures involve requiring separation of duties For example Carloswould all of thesupporting documentation provided by the President the key audit Consideration of key aspects of the organization of the payroll Delegation of authority Compliance with governmental payroll transactions Conducting sampling of audit trail No separation of duties No not audits detailed enough to spot employer There was no internal audit process and therefore no transactionalaudits of the payroll function to determine if grade An audit procedure that might have lead those employees selectedrandomly Another audit procedure that might authority would rest with the Controller andthe of the President Web site http www ucop edu audit
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