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OUT OF CONTROL: Lax Procedures at National Capital Trust...




Question;OUT OF CONTROL:Lax Procedures atNational Capital Trust?By Ron Messer, CA, CMA (Canada)Read attachment for detail....1. In;general, what are the major objectives of internal control? What is their;purpose?;2. What;are the risks associated with providing financial services such as those of a;trustee? Classify each risk as (1) high (2) medium and (3) low.;3.;Review the processes outlined in the case and;indicate where;a. Control;should be in place but do not exist and;b. Controls;in place but are not working effectively;4. For;each of the controls that are in place or should be identify whether that;control in preventive or detective.;5. Was;NCT?s senior management adequately performing its fiduciary responsibilities on;behalf of clients? Give an example of how it was or was not meeting its;responsibilities.;6. What;are the ethical responsibilities of senior management towards its clients?;7. How;would you test whether appropriate activity (potential fraud) had occurred?


Paper#37700 | Written in 18-Jul-2015

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