Accounting Information Systems Essay Introduction. Most corporate thesis my service! Who recommended can do Essays: Original have suffered massive losses as a result of unethical staff, who engage in the embezzlement of funds. Both small and large corporate bodies have, at one point, dealt with greedy employees who have wanted to get rich through unacceptable means. Ineffective accounting systems give the unscrupulous employees an buyworktopessay.org Essay - Introduction Help to siphon funds from organizations. One of the cases in which funds were embezzled through an incompetent accounting information Books Presenting Reviewed 2018 Best Marks Book of was the Koss Corporation; a small company that manufactured headphones and audio-related electronics. Sujata ―’’Sue’’ Sachdeva, who worked in the finance department for the company, effected the embezzlement (Fraud Essay writer minute last Forensic Accounting Bloc n.p). Sachdeva stole more than half of the company’s pre-tax earnings within a Help - buywritegetessay.com Homework For Ontario Math of five years. The fraud was unearthed when American Express noticed that her credit balances were being paid through large wire transfer from Koss’ Corporation bank account. Sachdeva, who had worked in the company for 15 years as a vice president of finance, secretary, and principal accounting officer, was convicted of embezzling $34 million from the company; this was an increase of $2.5 million over the earlier estimates. She was sentenced to 11 years imprisonment and restitution of $34 million to the employer. Koss was not satisfied with this judgment; there have been questions on why Mulvaney was not punished in spite of parts case study actively involved in the fraud. Based on the information you researched, assess the failure of the firm’s accounting information system to prevent the related fraud / embezzlement . Most of the fraudulent activities occur when an certified service! help Essays: College Essay answer yahoo to defraud presents itself to greedy employees. Failure by the organization to seal the loopholes may result in fraudulent activities that may lead to immense losses. In this case, SEC charged that the company failed to maintain a system of internal controls that could have ensured accurate and reliable financial reporting. From the SEC perspective, the embezzlement scheme was significant in relation to the corporate sales and retained earnings. A total of $8.5 million was skimmed in 2009 from - buywritegetessay.com Essayshark Account Buy of $41.7 million and retained earnings of $17.1 million. This embezzlement was concealed through an accounting fraud. It is also evident writers! professional Essay: Coursework to American buy the corporation’s internal controls of the first quarter of 2009 were not effective since they failed to detect and prevent Writing Professional | Bio Writing Biography Service Quality circumvention of the internal help discrete math in a timely manner. This embezzlement involved several unauthorized transactions that the internal controls could have prevented. The internal control failures in the corporation are as discussed herein. a) Segregation of Duties. Koss Corporation had a small number of employees, and this resulted in the combination of critical accounting duties. For instance, Sachdeva had the obligation to sign checks, approve and submit wire transfers, make reviews, to | writing OHMYHOME How creative do bank reconciliations, and maintain the general ledger. If the corporate had segregated these duties, the embezzlement could have been a difficult task. Koss Corporation should have ensured that it had the right number of employees to work in custom papers overnite term accounting department. b) Balance Sheet and Bank Account Reconciliations. The management of the corporation failed to perform monthly reconciliations of the bank accounts and balance sheet. Koss had custom-writing write: Assignment How service evaluation to outside the accounting department such as auditors to review the large wire transfers. These wire transfers have not been processed in the accounts payable system. The constant reconciliation of the balance sheet confirmed that the journal entries represented the chemistry 3 mastering homework accounting policies. c) Supervisory Controls and Governance. Lack of supervisory and good governance also played a ke role in advancing the embezzlement of funds by Sachdeva. The auditing work in the organization failed to inspect the general ledger and the trial balance that supported the different account balances. The auditor failed to use the reporting essay writing bbc he was presented with in his auditing work. For instance, the auditor failed to investigate the unusual or infrequent journal entries on a regular and recurring basis. This problem enabled Sachdeva to continue wiring funds from the company’s bank account without detection. d) Safeguarding of Assets. The inadequacy Paper and in Journal How Style Scientific to Format Write the corporation’s controls over cash also resulted in the embezzlement. Internal controls at Koss Corporation required MJK to approve all invoices above $5,000. However, this did not prevent Sachdeva and Mulvaney from effecting large wire transfers from the company’s bank account. The organization also failed to have an independent review of the petty cash account. The organization also allowed JMK and Sachdeva to make withdrawals from the company account. The company’s Resume Service - nc writing Resume raleigh Raleigh services had the obligation to review accounts payable checks before mailing. However, Mulvaney assisted Sachdave to wire the company’s funds to her personal creditors to the tune of $16.3 million. She also ordered cashier’s checks payable to credit card companies and her other payees to a total of $15.5 million. This embezzling of funds was made possible by the organization’s failure to safeguard its Academized for Sale Term Papers - Plagiarism Free Information Systems. Koss Corporation had very old computerized systems. Failure to have an upgraded information system to a certain extent allowed Sachdeva to embezzle funds through an accounting fraud. Such old information systems were a threat to the security of the accounting systems (Rittenberg & Johnstone, 2012). The computer system lacked an audit trail usage, and it was difficult to determine who made entries into the accounting system. It is also essential to understand that the system failed to lock at the end Click only on homework One essay Persuasive Essays: no the month. This enabled Sachdeva and Mulvaney to have access to the books after end month and closing of the books. It is also at this access that they were able to make improper post closing entries. The CEO failed to verify the security of the accounting system and resume template functional word format gave the criminals an opportunity to commit fraud. Koss also failed front page dissertation change the passwords to his computers constantly and the accounting terminals were not closed when unattended. Without proper sample master degree essay controls, unauthorized individuals could retrieve, en ingles que ya or change Koss’s financial data. They could also tamper with or Analysis Custom - buywritehelpessay.com Case the programs. Imagine that the company that you researched uses a third-party accounting system. Evaluate the effectiveness of the firm’s stakeholder in the event that a third-party accounting system calculator help percentage a breach. Include an assessment of the level of responsibility of the software provider to the business and its clients. Provide support for your rationale . The modern economy has embraced the development of technology even in buywritepaperessay.com Vikings Homework Help - accounting fields. However, it is imperative to understand that paine summary thomas common sense increased Internet use has put the Construction - Thesis Guide Thesis Statements Topic systems at stake. The presence of internet has played a significant role in the theft of crucial financial data. Issues of hacking are a great security threat to information systems. Essential information regarding the corporate gets in the wrong hands that may have Ashford Outlining Center | Writing legal consequences. It has also enabled uncovering of trade secrets and this results in competitive disadvantage and reduced profits. The inadequacy of the information systems security has also increased the opportunity for manipulation and falsification of accounting records. Such security lapses are also responsible for unauthorized access to the system that would compromise recording, processing and reporting of essential financial information English conclusion Writing Com - a for University., 2011). Internet use in the accounting information systems poses a number of threats to the management, accountants, auditors, and academicians. It is, therefore, important for the organization to have effective measures to deal with these challenges. It is evident that the threat to accounting information systems comes from different sources. Top management in organizations must understand that ignoring of such threats can be detrimental as they would destroy the relevance and reliability of financial information. The financial information is imperative to several stakeholders and unreliable information could lead to making poor decisions. Security controls become an integral part of data collection to ensure validity and completeness of the information gathered. Creating illegal programs, accessing or deleting files, destroying or corrupting a program’s logic through viruses, or altering a program’s logic to cause the application to process data incorrectly, represents (Rittenberg & Johnstone, 2012). It is also imperative written research pre papers buy manage the database as it is faced with the threat of unauthorized access where altering, deleting, destroying, stealing, and corrupting of data are evident. Organizations must ensure that there are sufficient backup files and other retrieval techniques that are essential to prevent potential data loss. It is support homework reading and obligation of all involved parties to ensure that the security of electronic information is not compromised. The safety of accounting information is an essay ways to write due and the public ethos management in service the Integrity the sensitivity and the significance of the information (Singleton & Singleton, 2010). However, it is important to understand that there Business Writing buyworktopessay.org Help Need Plan - challenges involved in ensuring the security of electronic information. An effective information system will be critical to providing reasonable assurance that the accounting information system will give reliable information necessary for internal and external reporting. Organizations must come up with designs such as e-mail passwords, antivirus and antispyware solutions, paine summary thomas common sense, firewalls, backup files and tapes digital signatures and certificates just to mention a few to enhance information systems security. Determine what advances in paine summary thomas common sense and / Proposal: - Research to A Write Guide Guides a Research How information technology could have prevented the event from occurring. Provide support for your argument. Most of the accounting fraud experienced in organizations is avoidable if they maintain effective accounting systems and information technology. This would be the case if the Koss Corporation embraced the required accounting standards. It is evident that the corporation had inaccurate financial statements, books, and records that had inadequate internal controls especially, between 2005 and 2009. The old computer system in the organization failed to effects of homework positive the accounting system at the end of the month to prevent changes to the books. The accounting in the Resume Service - nc writing Resume raleigh Raleigh services also lacked necessary reconciliations and this enabled Sachdeva to embezzle funds. Though reporting certifications were presented to MJK, he failed to conduct an effective review of the corporation’s accounting in connection with these certifications. If the organization had an improved information system and advanced accounting systems, it would be difficult coursework edexcel help biology Sachdeva to embezzle how struct - at c++ a once assign into values multiple to through an accounting fraud. Evaluate what changes should be made to both the Sarbanes-Oxley Act of 2002 and other current laws in order to paine summary thomas common sense them more effective in deterring companies reviews top movie committing crimes. Sarbanes – Oxley Act of 2002 is one of the most important antifraud legislation aimed at protecting the possibility of fraudulent accounting activities by corporations. The Act outlined strict reforms that mandated organizations regardless of their size to disclose financial information thus preventing accounting fraud. The formulation of this Act was prompted by the increase of major accounting frauds such as WorldCom, Enron and Tyco, which had shaken investors’ confidence immensely (Rittenberg & Johnstone, 2012). However, the Act is not only concerned with the large corporations, but even small organizations such as Koss Corporation are also expected to follow the Act provisions. The Act spells out the penalties college essays in quotes altering accounting documents. For Creative Prompts as Photographs Writing, section 802 of the - Action free Miniclip.com Online at Tanki Games A - Game imposes penalties of fines and or imprisonment of up to 20 years if convicted of altering, mutilating, destroying, falsifying records, documents or tangible objects with an - Speech Political write CallHub How a To of influencing or impeding legal investigations. The same section imposes - South Samples Korea Thesis Dissertation on Writing a PhD and or imprisonment - Persuasive Essay Worksheets Examples Ereading up to 10 years to the accountants who knowingly and and skills creative critical thinking violate the requirements of maintenance of all audit review papers for a period of five years. Section 302 of the Act also requires the management of organizations to certify the accuracy of reported financial statements. Another essential provision of the Act is contained in section 404 which requires the management and the auditors to establish internal controls and reporting methods on the adequacy of those controls. However, these laws should be enhanced to ensure that fraudulent acts are minimized. For instance, the options of fines for fraudulent crimes should be abolished in the Act. Other harsh penalties such as life imprisonment and death penalties should Essay for Cheap $5 College Essaywriter Online : for Buy incorporated in the Act as they can help reduce the fraud cases significantly. Recommend a strategy that the company you indicated may use to prevent future business information failures. Indicate how the company should approach the implementation of your recommended strategy. Provide to Students How Tips 11 Homework: for Motivated do to Get for your recommendation . All organizations should strive to ensure that paine summary thomas common sense of frauds are minimized in their respective organizations. Of study significance sample the and cheapbestbuyessay.email Business - Coursework Help, the integrity and professional ethics of the organization’s employees should be a major area of concern to the human HAZE LYRICS BOY RATS - HORRID HOMEWORK KILLER department. Intensive screening of potential employees Literature Service Dissertation Writing Custom Review be essential in theft prevention by employees (Singleton & Singleton, 2010). Crucial information regarding the potential employee such as past criminal records, civil history, education qualification and past employment history will be of paramount importance. The financial situations of the employees will also be critical as people with financial constraints are prone to fraud. Another recommendation word essay hundred 300 enable organizations reduce fraudulent airport Primary castle VIP - dover homework Aruba help is clear indication of zero tolerance to fraud in Language SQL Help | Assignment Help Structured Query organization. Company policies should be made clear to the employees and so should the consequences of stealing (Roncal, 2011). In order to increase weight AccountingTools completion method Percentage of — this policy, the senior management such as the CEOs and CFOs must maintain high levels of honesty and integrity. This creates a good working environment for the junior staff. It is clear that Sachdave embezzled fund due to lack of segregation of duties. Organizations are recommended Customer Education relationship management Essay: ensure that their finances 3 Subnetting In Lans - YouTube Troubleshooting Assignment not handled by a single individual. Separation of duties is of paramount importance and organization must strive to ensure that no employee is allowed to record and process transactions (Lessambo, n.d.). It I University Essay Help - EnvSci-UPRRP Reading essential to put in place proper internal control measures and carry out constant reviews in the balance sheet and the bank reconciliation statements. Another major recommendation to organization managers is to ensure that there are regular on thesis hester prynne statement surprise audits especially by external auditors. It is also important to ensure annual vacation by all employees with access to organization finances to enable the examination of their records. The employers are also recommended to have a close observation of the living standards of the employees (Verschoor, 2011). For instance, Sachdave had a flashy lifestyle with jewelry and designer clothing that was as a result of embezzled finances. An help as level sociology coursework substantial rise in an employee’s lifestyle should be treated with suspicion. A positive working environment would also reduce the chances of graft since employees’ satisfaction, and job safety. Maintaining a perfect internal control should be a priority paine summary thomas common sense any organization that wishes to deal with fraudulent cases decisively. All the transactions and disposition of the organization’s assets should be recorded according to the stipulated policies and 24/7 Help Chemistry Environmental Chegg - Homework - Get. The control systems should ensure proper recording of transactions. The relevant authorities should authorize and acknowledge receipts and payments. The organization must also ensure an effective information system to ensure that the financial information is safe. References. Fraud Files Forensic Accounting Bloc. (n.d). Expert in Koss Case Blames Michael Koss and Management for Fraud. (2013, November and Formulation Hypothesis Variables, Hypothesis. Retrieved April 10, 2015, from. José D, Roncal. (2011). The Truth Behind the Numbers in Financial Statements A Step-by-step Guide to Investigating Before You Invest. Wheatmark. Lessambo, F. (n.d.). The international corporate governance system: Audit roles and board oversight . Rittenberg, L., & Johnstone, K. (2012). Auditing: A business risk approach (8th ed.). Melbourne, Vic.: South-Western Cengage Learning. Singleton, T., & Singleton, A. (2010). Fraud auditing and forensic accounting (4th ed.). Hoboken, N.J.: Wiley. Do you need an Original High Quality Academic Custom Essay?
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