USF ACG 6936 - Developing a Forensic Continuous Audit Model (40 pages)

Previewing pages 1, 2, 3, 19, 20, 38, 39, 40 of 40 page document View the full content.
View Full Document

Developing a Forensic Continuous Audit Model



Previewing pages 1, 2, 3, 19, 20, 38, 39, 40 of actual document.

View the full content.
View Full Document
View Full Document

Developing a Forensic Continuous Audit Model

30 views


Pages:
40
School:
University of South Florida
Course:
Acg 6936 - Guide to Computer Forensics and Investigations

Unformatted text preview:

Developing a Forensic Continuous Audit Model Grover S Kearns PhD CPA CFE University of South Florida St Petersburg 1 Motivation Organizations are under pressure to proactively recognize and react to potential fraud in a comprehensive and cost efficient manner 2 Background Excesses of past two decades and increase in financial statement fraud Increased laws and regulation Need to improve tone at the top Inability to provide results using traditional audit approaches Increasing costs of IT security and forensic methods 3 Corporate Fraud 4 Increased Laws Regs Sarbanes Oxley Act of 2002 SOX Sec 404 system of internal controls Sec 409 acceleration of SEC filings PCAOB Statements SAS 99 COSO COBIT Frameworks These have led to increased costs increased pressures on management and on auditors 5 PCAOB Audit Standard 5 An Audit of Internal Control over Financial Reporting that is Integrated with an Audit of Financial Statements Increases reliance on internal audit departments as evidence external auditors can use in order to reduce duplication of efforts and lower audit costs Continuous auditing tools are capable of monitoring internal controls for SOX compliance reporting 6 Technology and the Accountant SOX and SAS 99 encourage management and external auditors to employ technological approaches and embedded audit modules to audit financial transactions and internal controls SOX Section 409 accelerates the SEC filings for Form 10 Q and annual report Form 10 K The FTC s red flag rules effective December 31 2010 for financial institutions and certain other firms under FTC jurisdiction including CPA firms require companies to check for and report specific violations 7 Tone at the Top Executive management sets tone Organizational tone is most important to internal control Committee of Sponsoring Organizations COSO Control Objectives for IT COBIT Lack of tone can imply lack of controls 8 Internal Controls PCAOB Auditing Statement 2 An Audit of Internal Control over Financial



View Full Document

Access the best Study Guides, Lecture Notes and Practice Exams

Loading Unlocking...
Login

Join to view Developing a Forensic Continuous Audit Model and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Developing a Forensic Continuous Audit Model and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?