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ACC - Strategic Auditing Assignment




Question;AssignmentIn August 2013, Miriam noticed that some of the clientaccounts were becoming seriously depleted without anyapparent reason. In addition, clients? petty cash accountswere being used more often than usual. The Legal Servicesdepartment notified Miriam of changes to clients?wills that, while not unusual, weren?t frequent occurrences.Miriam wanted to investigate these apparentanomalies and make the necessary changes.Your assignment is to address each of the followingquestions:1. In general, what are the major objectives of internalcontrol? What is their purpose?2. What are the risks associated with providing financialservices such as those of a trustee? Classify each risk as(1) high, (2) medium, or (3) low.3. Review the processes outlined in the case and indicatewhere:a. Controls should be in place but do not exist, andb. Controls are in place but aren?t working effectively.4. For each of the controls that are in place, or shouldbe, identify whether that control is preventive ordetective.5. Was NCT?s senior management adequately performingits fiduciary responsibilities on behalf of its clients (seeFigure 5)? Give an example of how it was, or was not,meeting its responsibilities.6. What are the ethical responsibilities of senior managementtoward its clients?7. How would you test whether inappropriate activity(potential fraud) had occurred?


Paper#38589 | Written in 18-Jul-2015

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