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Essay Available:
Pages:
11 pages/≈3025 words
Sources:
11 Sources
Level:
APA
Topic:
Accounting, Finance, SPSS
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Total cost:
$ 61.78
Topic:

Auditing in a Corporate Environment with COSO Model of Internal Control & IDEA Software

Instructions:

Part 1 -2000 Words
Introduction
Explain Framework
Overview of main features
What is it about
Why has it been developed
Features-------------->their purpose
600 Words
Three specific examples of controls in a computerised environment.Break it down with element with COSO
200 words for each,600 words in total.
Impact of cybercrime on a business
Money financial loses
Customer details/financial details
Reputation
600 words in total
Part2 IDEA Software - 1000 words
Outline-What does the software do?
How ?
Why ?
What - Sorts data
How - Manipulates data to order it to make it easier to analyse.
Why - Easier to analyse
Quicker to discover errors(fraud)
Saves time-saves money
Critique Advantages+Disadvantages
Duplication:
Finds records that have identical elements.
Knows the auditor to investigate the error.

Content:

Auditing in a Corporate Environment with COSO Model of Internal Control & IDEA Software
Client First Name & Surname
Institute
Abstract
Conventional audit methods are failing to be greatly effective in unmasking the increased number of frauds despite enlarged consideration to internal controls and risk assessment. Financial forensics has acknowledged the necessity for pre-programmed mechanics to fraud analysis — though, until now, investigations have not scrutinized the advantages of forensic auditing as a means to identify and prevent corporate fraud. This paper intends to show how such a study is possible. The paper pens with an emphasis on the COSO Model of Internal Control which is gaining universal approval by accounting professionals. The second part highlights the efficiency of IDEA audit software as a tool to support the audit task, meet the regulatory objectives of the management, and to contest fraud. An additional sub-section has been dedicated to the cybercrime related issues. Thus, in short, this paper intends to discuss the application and effects of both COSO Model and IDEA audit software.
Keywords: Audit, Corporate Environment, COSO Model, Internal Control, IDEA Software
Auditing in a Corporate Environment with
COSO Model of Internal Control & IDEA Software
Brief History
The year 1985 was the formation year of COSO, The Committee of Sponsoring Organizations. COSO was established with a specific agenda of delivering ‘thought leadership’ along the growth of widespread structure and directives on internal control and fraud prevention. COSO was designed to improve the performance of an organization and omission or diminish the level of organizational fraud. The Committee is an initiative together supported and financed by five private sectors:
• American Accounting Association (AAA)
• American Institute of Certified Public Accountants (AICPA)
• Financial Executives International (FEI)
• Institute of Management Accountants (IMA)
• The Institute of Internal Auditors (IIA)
CITATION COS13 \l 1033 (COSO, 2013)
COSO aims at lifting business capability by making every function productive CITATION Del131 \l 2057 (Deloitte, 2013). Such ‘structured’ guidance oriented control management system guarantees the progress of financial reporting paradigm in a business so that accounting, auditing and reporting become much more clear and trustworthy.
COSO Model: What does it mean?
As per COSO model the definition of ‘internal controls’ in a business is as follows:
“..... Internal control is .... a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in —
(1) the effectiveness and efficiency of operations
(2) the reliability of financial reporting and
(3) the compliance of appl...
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