Consider the theoretical models of fraudulent behavior, evaluate
internal controls, assess fraud risk factors, and apply prevention and detection techniques. Analyze the overall responsibilities of the auditors to organizational stakeholders while considering applicable auditing standards. Discuss what preventive controls can be put into place to prevent this fraud type from occurring again as well as the recommendations you would make as an auditor to strengthen the companys internal controls. Discuss
the impact of the case on auditing standards, as well as legal, social, and economic impacts.
Specifically the following critical elements must be addressed:
III. Analysis of Fraud that Occurred
I. What preventive controls can be put in place to prevent this type of fraud from happening again? Why would these be the most effective
controls?
J. As an auditor, what recommendations would you make to company management to strengthen their internal control system? Be sure to
support your recommendations.
IV. Impact and Auditor Responsibility
A. What was the impact of this fraud case on the auditing profession (regarding each of the following perspectives)?
1. Professional (auditing standards)
2. Legal
3. Social
4. Economic
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