Internal Cash Control University of Phoenix ACC 220 Internal Control Implementing a strong financial policy for your business is important in today’s turbulent economic world. Accounting internal controls assure that all transactions are authorized, all transactions are recorded, access to assets is allowed only for authorized purposes and accounting records describe only real assets. Internal control reviews can further help your company achieve its performance and profitability targets, prevent loss of resources, and promote more reliable financial reporting. With the passage of the Sarbanes-Oxley Act and related regulatory actions, companies are placing renewed emphasis on their internal audit functions. Reported incidents of fraud and abuse within companies are at an all-time high.
SARBANES-OXLEY Act (SOX) increased the risk and responsibility of chief executive and chief finance officers (officers) of publicly traded companies. SOX increased accountability and visibility of the officers within public companies by broadening the scope of responsibility of adhering to regulations and reporting of fraudulent activities from lawyers to independent auditors of the company. The SOX provisions that directly or indirectly impact officers include, but are not limited to introduction of new and/or enhanced existing requirements: internal controls, disclosure, criminal penalties, and role of audit committee. Also, each measure an officer is responsible for creating or maintaining requires a formal certification and is subsequently
Provide support for your rationale. 2.Assuming you are the fraud investigator on this case, assess what types of surveillance and / or covert operations you would use to collect evidence related to the fraud. Analyze technological options for investigating fraud, indicating what you believe to be the most effective option. Provide support for your rationale. 3.During the investigation, assess the most significant red flags which would have been an indication of possible fraud needing corrective action by management.
According to Collins 1975, “patrimonial leaders are more formal and persona” (Abadinsky, 2007). The responsibility of the patron (Chief in command) is to “be responsible for financial aid and safeguard for the customer, in recurrence the customer demonstrates gratitude by executing needed obligations that are instructed by the boss. The patron manages the funds of the corporation and arranges all associated conferences for the customer. Inside the patron-client model the patron has the authority to make profits by making contacts with other customers who are participating in criminal wrongdoings, some examples are narcotic smuggling, deceitful actions and currency filtering. A specific physical part or production is ruled by the boss and his group.
Financial Statement Paper P Agnes Pierre Louis ACC/280 September 26, 2011 Minh Truong Financial Statement Paper In today’s business world it is required to keep an accurate account for assets and liabilities of each company. Good and ethical accounting practices can build the base for a strong and profitable company if the information is used properly. The definition of accounting is obvious but one most know the purpose of accounting which will be covered in the following paragraphs. There are four financial statements that are prepared by companies in today’s society as a form of reporting accounting companies. Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows.
I would take the objective of producing plenty of ideas so that I could decide how to believe in the topic (Ruggiero, 2012). Producing a large number of ideas will help me come up with the right path to take to get my objective across to the audience. I would research all of the details of the article to find the facts and present them correctly. Researching the information thouroughly will help me decide what information is correct and what might be biased. Once I have all of the research finished I will know that I am able to present an argument for my case that is factual and persuasive.
• Question 15 Traditional money laundering techniques include all of the following except one. Which technique below is not a traditional method of money laundering? • Question 16 Opportunities for identity crimes have increased primarily because consumers are increasingly asked to use their social security number as a personal identifier. • Question 17 A subculture is a set of values, norms, and beliefs that differ from the dominant culture. • Question 18 The unique feature of a worm is that it: • Question 19 A virus is a piece of code that attaches itself to other instructions within a computer.
White collar crimes and Ponzi schemes seem to be happening more often than not in today’s business world. Our text describes White Collar Crimes as a violation committed by individuals and corporations of fraud, bribery, theft and conspiracy to commit (Melvin, S. P. Z Pg. 555(2011) and Ponzi as a fraudulent investment to make investors or profit holders to pay for their own return on their initial investment. Much like they think they are making money on a product that is being sold to customers, clients and consumers but actually, the people who put in initial investment money is just getting back the same thing they put in or other investors are paying for other investors shares and no one is making any profit. However, since the Sabine-Oxley Act came into play in the early 2000’s investors and shareholders have been protected by these types of schemes and avocations.
Khristine Jackson Week 2 Homework July 19, 2014 The Sarbanes-Oxley Act of 2002 (SOX) was a direct output of the financial statement fraud that sank industry giants such as Enron and WorldCom. 1) What are the primary goals and tenets of SOX with respect to fraud? The primary goals and tenets of the Sarbanes-Oxley Act of 2002 (SOX) are to concentrate on improving the value of audits in an effort to remove fraud in order to keep the public’s attention as well as for the security of investors. In addition, SOX requests corporate management to be more accountable for both fraud prevention and detection. Similarly, corporate board is also more responsible for the occurrence of fraud with the company; under SOX, those who contribute in
Evaluate the effectiveness of regulations such as Sarbanes-Oxley Act over minimizing the corporate fraud and protecting investors and make one (1) suggestion for improvement. The Sarbanes-Oxley Act is been very effective especially by protecting investors and improving the accuracy and reliability of corporate disclosures, and much of the law seeks to further this goal by imposing strict rules for audits and auditors of publicly traded companies, prevent insider trading and deals, requiring companies to adopt strict internal controls, and increasing the penalties for white collar crimes relating to investor fraud. As a matter of fact, the Act effects dramatic change across the corporate area to re-established investor confidence in the integrity