Advanced Assurance Services Readings Reflection Papers
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Assigned Readings:
Chapter 5. Risk Assessment: Internal Control Evaluation
Chapter 6. Employee Fraud and the Audit of Cash
Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter. Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.
Also, provide a response to each of the following questions:
Fraud Opportunities. Simon Blank Construction Company has two divisions. The president (Chris Simon) manages the roofing division. Simon delegated authority and responsibility for management of the modular manufacturing division to John Gault. The company has a competent accounting staff and a full-time internal auditor. Unlike Simon’s procedures, however, Gault and his secretary handle all bids for manufacturing jobs, purchase all materials without competitive bids, control the physical inventory of materials, contract for shipping by truck, supervise the construction activity, bill the customer when the job is finished, approve all bid changes, and collect the payment from the customer. With Simon’s tacit approval, Gault has asked the internal auditor not to interfere with his busy schedule.
Required:
Discuss this situation in terms of internal control and identify frauds that could occur.
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