Fraudulent Financial Auditing

7.5.3- Identification and traceability- Lynxnet LLC. Warehouse Manager or Lynxnet authorized personnel will check and verify the Pickup Receipt for quantity and Inspect for damage and then sign the Pickup Receipt. A Pickup Receipt form consists of Point of Order number, Vendor, Requestor, Project assignment, date received, and packing slip number. Lynxnet Warehouse Manager will now file the Pickup Receipt and add these items to Lynxnet Accountable Database or Non- Accountable Data base, and then stored in the Lynxnet area of the warehouse, where items are stored in locked, dry, and designated locations. Also items are now stored in label locations and inputted into Lynxnet database.

Prospectors Opportunities Mature market – The organization currently operates in a mature market. However regardless of the expected drop in growth rate, the brands within the market will start positioning themselves in the marketplace, and there will be increase in competition for Market Share in the Industry. This creates an opportunity for the organization to develop a strong unique brand that’s meaningful to the target audience. Developing an effective grand will strategically position the firm against competitors. Mergers & Acquisition – There is an opportunity for Baldwin to consolidate with other firms in the industry.

Audits are name according to there purpose. 2. Audits are classified into internal or external, depending upon relationship of participants. 3. Internal audits are performed within an organization by employees.

A financial audit is an independent, objective evaluation of an organization 's financial reports and financial reporting processes. The primary purpose for financial audits is to give stakeholders reasonable assurance that financial statements are accurate and complete. Most internal audits are not adding value. One reason is that “ongoing compliance burdens and pressure to do more with less” is contributing to the decline in perceived internal audit value.

I can simply answer because I want to be a hero. In my opinion, an auditor is a dark knight that saves the world secretly and silently. An auditor has to commit to do his job professionally as well as ethically. As a matter of fact, there have been many corporate and accounting frauds, such as the WorldCom scandal in 2002 and the Madoff Ponzi scheme in 2008,

SCI411 Academic and personal development Portfolio: Part 1 From not being in education for a few years, being able to recognise my own academic skills, strengths and weaknesses was quite difficult. However, over these first couple of weeks in lectures my learning strengths and weaknesses have made themselves apparent. Whilst filling out the questionnaire Skills Self-Assessment Audit (Theeducators, 2013) it took a lot of understanding of the questions to be able to answer honestly, and my lowest scores reflected this in the personal effectiveness category. Skill strengths

Their audit will typically improve the credibility of the client’s financial statements with the lender, encourage capital providers to invest and/or approve loans, and assist with mergers and acquisitions.

“Extrinsic rewards are tangible and visible to others and are given to employees contingent on the performance of specific tasks or behaviors” (Williams 2017). Employees at the truck tire shop must feel that they have a reason to go the extra mile, and right now, the only thing those employees have to look forward to is another day of work after the current day’s work is complete. There are intrinsic rewards that come with the completion of every-day projects at McCoy. “Intrinsic rewards are the natural rewards associated with performing a task or activity for its own sake” (Williams 2017). One may look at a truck that needs an extensive amount of work done, and think about how hard the project will be.

Extrinsic rewards are when someone gets recognition or tangible rewards for something they have done. In the case with Ford they would fall under the guidelines of Heteronomy. The reason why that is, with them releasing the Pinto to begin with, and removing it off the market to “fix” the issue, they wanted to be recognized for initiating the idea they cared for the consumer by removing a dangerous vehicle off the market. Therefore, Ford’s actions fall under the Heteronomy category and not under

For employees, things that aren’t intrinsically interesting requires extrinsic rewards to motivate. Employees can be motivated by extrinsic rewards such as additional monetary compensation, gifts, gift cards, or other monetary rewards. These types of rewards could lead to improved performance and higher motivation. It would also motivate a worker, but only satisfies the person’s lower-level needs. The flip side to this type of motivation stimuli, employees will want the same or better reward to maintain the same level of motivation and performance outcomes.

Executive Summary Lehman Brothers were an investment bank involved in transactions worth billions of dollars and one of the most powerful investment banks in the world. Lehman Brothers collapsed in 2008 following bad investment in the sub-prime mortgage market and used bad accounting practices called Repo 105 transactions to try and cover up the bad assets. This report sets out the use of the fraud triangle when describing the actions which led to the collapse. The pressure applied on the bank, the opportunity due to the lack of regulation to carry out the actions and the ability of the bank to rationalise their decision making.

Auditor Independence Auditors provide independent third-party opinion on the financial statements of a company. The independence of these auditors must be safeguarded during each engagement. The reliability and validity of an opinion rely on the independence of the auditor. There are times when the independence of the auditor is interfered with by malicious parties to safeguard with their own interests. Auditor independence can be referred to as the lack of hidden agendas and personal interests among parties that may affect the auditor’s objectivity (Thibodeau, Ramsay, Louwers, Sinason & Strawser, 2015).

Transfer Pricing, meaning the “setting, analysis, documentation, and adjustment of charges made between related parties for goods, services, or use of property (including intangible property)” In simple words, transfer pricing can be defined as “the price at which divisions of a company transact with each other”. Transfer pricing happens whenever two companies that are part of the same multinational group trade with each other. One party transfers to another goods or services, for a price. That price is known as "transfer price".

‘We would be missing the opportunity given to us by the people with whom we work if we did not learn and grow from our experience’ (Howard & Lyons, 2014, p126). ‘The therapeutic self broadly refers to the process of the individual evaluating the effect of his or her characteristics, values and practice interactions with others and the extent to which this brings development and insight’ (Freshwater 2002 cited by Kwaitek et al, 2005, p 27). If we are modelling confident and proactive self-care and self-development we can be a positive role model for those we work with. This concept of self-awareness and developing oneself can promote and encourage one to be the best that they can

All of these can step-by-step help me develop my personal and professional skills, also provide a foundation for continued professional development. To conclude my reflection, I have discussed my future employability, how to use the skills and experiences to own professional development,