Case Memo #3

The entity does not use plastic because it knows that its customer base is sensitive to pollution issues. * Identify whetherA. AvoidanceB. MitigationC. Acceptance

With Explanation

Why does scope creep create risk in independence? Select all that apply   It can create an unfair advantage in the marketplace.   It can decrease costs.   It can lead to unintentionally providing a prohibited service to a restricted entity.   It can cause non-compliance with KPMG policies on independence.

Refer to the system flowchart labeled Problem 4.Requireda. Discuss the uncontrolled risks associated with the systems as currently configured.                         b. Describe the controls that need to be implemented into the system to mitigate the risks in thegiven scenario.

34. S1. Operational risk, as opposed to efficiency, is the risk of loss resulting from inadequate internal processes, people, and systems or from external events. S2. FS audit is concerned on to see that the credit control has been strictly followed while operational audit is concerned on to study the credit control system for suggesting better measures as necessary. Which of the following statements is/are false? Group of answer choices Statement I only Statements I and II Statement II only None of the statements

When an ERP implementation fails, who is to blame? Is it the software manufacturer, the client firm, or the implementation strategy? Explain.

7.8 Tralor Corporation manufactures and sells several different lines of small elec- tric components. Its internal audit department completed an audit of its expen- diture processes. Part of the audit involved a review of the internal accounting controls for payables, including the controls over the authorization of transactions, accounting for transactions, and the protection of assets. The auditors noted the following items: 1. Routine purchases are initiated by inventory control notifying the purchasing de- partment of the need to buy goods. The purchasing department fills out a prenum- bered purchase order and gets it approved by the purchasing manager. The original of the five-part purchase order goes to the vendor. The other four copies are for pur- chasing, the user department, receiving for use as a receiving report, and accounts payable. 2. For efficiency and effectiveness, purchases of specialized goods and services are ne- gotiated directly between the user department and…

fast pls A procurement agent for a large metropolitan building authority threatens to blacklist a building contractor if he does not make a financial payment to the agent. If the contractor does not cooperate, the contractor will be denied future work. Faced with a threat of economic loss, the contractor makes the payment.Required;Explain what type of fraud is this and what controls can be implemented to prevent or detect the fraud?