StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Auditing Project - Secret Shopper and Internal Controls - Essay Example

Cite this document
Summary
This short report consists of an auditing project done in three theater locations to have a good idea of how effective internal controls are in the theater industry. We compared actual controls as these are implemented or practiced in the Gulf Coast Town Center, the Hollywood…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER95.2% of users find it useful
Auditing Project - Secret Shopper and Internal Controls
Read Text Preview

Extract of sample "Auditing Project - Secret Shopper and Internal Controls"

Download file to see previous pages

Literature Review - After so many high-profile corporate collapses, both government and business has emphasized again the use of internal controls to fight fraud which is one of the white collar crimes being committed in greater amounts and more frequency (Lindgren 1). Fraud is a deception carried out to make unlawful gains and todays fast-paced computerized world often makes detection very difficult. At any rate, the purpose of good internal controls is to prevent fraud from being committed in the first place by making its commission difficult and secondly, internal controls should be able to catch fraud sooner rather than later.

When all the internal controls are properly implemented and enforced, detection is easily a matter of time. Specifically with regards to accounting and auditing, internal controls should achieve three things; namely: protecting an organizations assets and properties (both the tangible and intangible), make sure business information (especially financial data) is timely and accurate, and lastly, the company is in compliance with reportorial requirements, laws and regulations. The last objective, which is compliance, acquired greater significance in view of the passage of important legislation such as the Foreign Corrupt Practices Act (1977) and equally important Sarbanes-Oxley Act (2002).

The Committee of Sponsoring Organizations or COSO stepped in to provide crucial guidelines when it comes to fraud, internal controls and financial reporting. Internal controls are five critical components like general corporate environment, risk assessment, information and communications, control activities and monitoring functions (Arens, Elder & Beasley, 321) that in turn impact on its corporate governance, enterprise risk management, business ethics, fraud, internal operational controls and financial reporting.

The report therefore pertains to the five

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Auditing Project - Secret Shopper and Internal Controls Essay”, n.d.)
Auditing Project - Secret Shopper and Internal Controls Essay. Retrieved from https://studentshare.org/miscellaneous/1564350-auditing-project-secret-shopper-and-internal-controls
(Auditing Project - Secret Shopper and Internal Controls Essay)
Auditing Project - Secret Shopper and Internal Controls Essay. https://studentshare.org/miscellaneous/1564350-auditing-project-secret-shopper-and-internal-controls.
“Auditing Project - Secret Shopper and Internal Controls Essay”, n.d. https://studentshare.org/miscellaneous/1564350-auditing-project-secret-shopper-and-internal-controls.
  • Cited: 0 times

CHECK THESE SAMPLES OF Auditing Project - Secret Shopper and Internal Controls

Organizations that Provide Consumers with Provider Performance Information

This act dramatically impacts the healthcare industry as it forces them to increase the task force of internal auditing that is also associated with the Sarbanes-Oxley Guide.... This project is run by the Chairman of the Hospital as the individual is legally obligated to follow these protocols....
3 Pages (750 words) Research Paper

Social Networks to Maximise the Competitive Advantage of a Company

Module name and code Title of your project Name Student ID Wordcount- 5,061 Executive Summary/Abstract Social media and network is in a revolution that alters the relation of peoples and business operations.... What used to be a belaboured business management can now happen within a touch of a key or within just a finger tips....
20 Pages (5000 words) Dissertation

International entrepreneurship -2

Introduction The purpose of this report is to provide an in-depth analysis of a company that is considered as a perfect example of an international entrepreneurship project.... Executive summary Entrepreneurship is considered as both an art and an act and it encompasses the ability to innovate and come up with new products and ideas which can both fascinate and sell....
16 Pages (4000 words) Essay

Contemporary Strategic Issues Assessment of the Cosmetic Industry - LOreal

In today's world beauty products are no longer a luxury but an essential part of the modern lifestyle.... Internationally cosmetic manufactures are developing new products to try and stay competitive in a fast growing and very competitive market.... This report is developed on a request from L'Oreal executive management to inform them on the current cosmetic industry direction, new innovations and possible new strategies for the organisation. ...
17 Pages (4250 words) Essay

Identity Theft and Retail Shopping

Identity theft and related offenses such as credit card fraud, spamming, phishing, hacking and viruses are problems that affects everyone who uses a computer or relies on an organization that does so.... Because more people are becoming dependent on computers in their day to day… tivities and virtually all businesses in the modern world must resort to computers as a means of remaining competitive in today's marketplace, all forms of internet crime should be a concern for everyone....
11 Pages (2750 words) Research Paper

Fraudulent Financial Reporting

The paper “Fraudulent Financial Reporting” looks at the most costly type of the three types of occupational fraud.... Financial fraud is substantial and affecting the relevance and reliability of financial statements; potentially causing long-term damage to the usefulness of financial statement....
10 Pages (2500 words) Book Report/Review

Intellectual Property Rights and Violations

Intellectual property rights have been established in many countries to support technological advancement.... Inventors are granted exclusive rights that are… United States, China, and the European Union are some of the huge economies that have taken intellectual property laws very seriously....
23 Pages (5750 words) Research Paper

Network and Communication Security Protocols

This research paper "Network and Communication Security Protocols" focuses on potential and advanced persistent threats along with their impact on different governmental sectors of the country.... It incorporates surveys, statistics and quantitative data pertaining to the main thesis.... nbsp;… Cyber-attacks are intelligent as well as organized....
31 Pages (7750 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us