Audit case study
•
1 like•1,186 views
Sponsor X had a large partnership portfolio that needed to be assessed against a new corporate strategy requiring greater accountability. Sponsorium used their PerforMind tool to: 1) Create criteria to assess partnerships; 2) Design an online audit form; 3) Partnership managers submitted program details through the form. PerforMind automatically analyzed the data, ranking partnerships and their alignment with objectives. This resulted in a rebalanced portfolio better aligned with the brand that decreased expenditure by 60% while improving returns by 40%.
Report
Share
Report
Share
Download to read offline
Recommended
Scam.pptx
The PNB fraud was discovered in January 2018 when PNB reported unauthorised transactions of $1.77 billion by jeweller Nirav Modi and his uncle Mehul Choksi. Nirav Modi used fraudulent Letters of Undertaking from PNB's Brady House branch in Mumbai to obtain loans from other Indian banks to fund his businesses. An investigation revealed PNB employees bypassed internal controls to issue these LOUs without collateral over several years. The fraud greatly impacted PNB's finances and reputation, and investigations are ongoing into individuals involved both within and outside the bank.
Ebook audit case study
This document provides biographies of the authors of a book on internal audit and fraud prevention. It introduces John Milner, Martin Ghirardotti, Enrique Pastor, and Miguel del Olmo, who have extensive experience in fields including internal audit, risk evaluation, fraud prevention and detection, and corporate governance. They have worked with companies and organizations in countries like Ireland, Argentina, Mexico, the United States, South Africa, and throughout Latin America. The document establishes the authors' expertise on the topic which will be covered in the book.
AUDIT EVIDENCE
The document discusses audit evidence and related concepts:
1. Audit evidence is information used by auditors to arrive at conclusions and includes accounting records and other corroborating evidence. Auditors must obtain sufficient and appropriate audit evidence through audit procedures.
2. Sufficient evidence is a measure of quantity based on risk, materiality, knowledge. Appropriate evidence is relevant and reliable based on source, documentation, and objectivity.
3. Audit procedures include inquiry, observation, inspection, confirmation, recalculation, and analytical procedures to obtain evidence for assertions about transactions, account balances, and disclosures.
PNB SCAM
PNB detected fraudulent transactions of approximately $2 billion allegedly perpetrated by billionaire jewellery designer Nirav Modi. Letters of undertaking were issued fraudulently by PNB employees to overseas banks without following proper procedures, allowing money to be advanced to Nirav Modi's companies abroad. This scam comes at a difficult time for PNB which is receiving a capital infusion from the government. An investigation is underway to determine the liability of PNB and any other banks involved in advancing funds based on the fraudulent transactions.
Entire forensic accounting project
Forensic accounting is a specialized area of accounting that investigates financial fraud and white collar crimes. It has been used for nearly 200 years to assist courts and investigate matters like employee theft, securities fraud, and insurance fraud. Forensic accountants use techniques like cash flow analysis and net worth calculations to detect anomalies and trace missing funds. Their work supports litigation, investigations, and helps protect businesses, banks, and the public from financial deception and crime.
INTERNATIONAL AUDITING STANDARDS -PPT.pptx
This document provides information about international auditing standards and the audit process. It discusses the historical background of auditing dating back to ancient civilizations. It also outlines the development of modern auditing with the emergence of large corporations during the Industrial Revolution. The document then explains the role of the International Auditing and Assurance Standards Board (IAASB) in establishing International Standards on Auditing (ISAs) and other standards. Finally, it describes the typical four phases of an audit process: client acceptance, planning, testing and evidence, and evaluation and reporting.
Project Report on IFRS
This document is a project report submitted by a student, Ojas Nitin Narsale, for their M.Com degree. The report discusses International Financial Reporting Standards (IFRS) and India's convergence with IFRS. It provides background on accounting standards and outlines India's roadmap for adopting IFRS, including phased mandatory adoption of Indian Accounting Standards (Ind AS) for certain large companies beginning in 2015-2016 and 2016-2017. The report also examines advantages and challenges of convergence for India.
PNB scam
Nirav Modi, a billionaire diamond jeweler, looted over 11,400 crore rupees from Punjab National Bank through fraudulent Letters of Undertaking. Using his connections with a PNB official, Modi was able to obtain over 150 LoUs without proper verification or collateral. By the time the scam was discovered, Modi and his accomplice Mehul Choksi had fled the country. So far authorities have seized assets worth over 5,100 crore rupees, but 6,300 crore rupees is still outstanding from the largest banking fraud in Indian history. The scam highlighted weaknesses in bank security controls that allowed such large-scale fraud.
Recommended
Scam.pptx
The PNB fraud was discovered in January 2018 when PNB reported unauthorised transactions of $1.77 billion by jeweller Nirav Modi and his uncle Mehul Choksi. Nirav Modi used fraudulent Letters of Undertaking from PNB's Brady House branch in Mumbai to obtain loans from other Indian banks to fund his businesses. An investigation revealed PNB employees bypassed internal controls to issue these LOUs without collateral over several years. The fraud greatly impacted PNB's finances and reputation, and investigations are ongoing into individuals involved both within and outside the bank.
Ebook audit case study
This document provides biographies of the authors of a book on internal audit and fraud prevention. It introduces John Milner, Martin Ghirardotti, Enrique Pastor, and Miguel del Olmo, who have extensive experience in fields including internal audit, risk evaluation, fraud prevention and detection, and corporate governance. They have worked with companies and organizations in countries like Ireland, Argentina, Mexico, the United States, South Africa, and throughout Latin America. The document establishes the authors' expertise on the topic which will be covered in the book.
AUDIT EVIDENCE
The document discusses audit evidence and related concepts:
1. Audit evidence is information used by auditors to arrive at conclusions and includes accounting records and other corroborating evidence. Auditors must obtain sufficient and appropriate audit evidence through audit procedures.
2. Sufficient evidence is a measure of quantity based on risk, materiality, knowledge. Appropriate evidence is relevant and reliable based on source, documentation, and objectivity.
3. Audit procedures include inquiry, observation, inspection, confirmation, recalculation, and analytical procedures to obtain evidence for assertions about transactions, account balances, and disclosures.
PNB SCAM
PNB detected fraudulent transactions of approximately $2 billion allegedly perpetrated by billionaire jewellery designer Nirav Modi. Letters of undertaking were issued fraudulently by PNB employees to overseas banks without following proper procedures, allowing money to be advanced to Nirav Modi's companies abroad. This scam comes at a difficult time for PNB which is receiving a capital infusion from the government. An investigation is underway to determine the liability of PNB and any other banks involved in advancing funds based on the fraudulent transactions.
Entire forensic accounting project
Forensic accounting is a specialized area of accounting that investigates financial fraud and white collar crimes. It has been used for nearly 200 years to assist courts and investigate matters like employee theft, securities fraud, and insurance fraud. Forensic accountants use techniques like cash flow analysis and net worth calculations to detect anomalies and trace missing funds. Their work supports litigation, investigations, and helps protect businesses, banks, and the public from financial deception and crime.
INTERNATIONAL AUDITING STANDARDS -PPT.pptx
This document provides information about international auditing standards and the audit process. It discusses the historical background of auditing dating back to ancient civilizations. It also outlines the development of modern auditing with the emergence of large corporations during the Industrial Revolution. The document then explains the role of the International Auditing and Assurance Standards Board (IAASB) in establishing International Standards on Auditing (ISAs) and other standards. Finally, it describes the typical four phases of an audit process: client acceptance, planning, testing and evidence, and evaluation and reporting.
Project Report on IFRS
This document is a project report submitted by a student, Ojas Nitin Narsale, for their M.Com degree. The report discusses International Financial Reporting Standards (IFRS) and India's convergence with IFRS. It provides background on accounting standards and outlines India's roadmap for adopting IFRS, including phased mandatory adoption of Indian Accounting Standards (Ind AS) for certain large companies beginning in 2015-2016 and 2016-2017. The report also examines advantages and challenges of convergence for India.
PNB scam
Nirav Modi, a billionaire diamond jeweler, looted over 11,400 crore rupees from Punjab National Bank through fraudulent Letters of Undertaking. Using his connections with a PNB official, Modi was able to obtain over 150 LoUs without proper verification or collateral. By the time the scam was discovered, Modi and his accomplice Mehul Choksi had fled the country. So far authorities have seized assets worth over 5,100 crore rupees, but 6,300 crore rupees is still outstanding from the largest banking fraud in Indian history. The scam highlighted weaknesses in bank security controls that allowed such large-scale fraud.
Role of Auditors in Punjab National Bank Scam
1. Several auditing firms failed to detect the massive Rs 14,000 crore fraud at Punjab National Bank, with the internal chief auditor especially culpable.
2. Management failures like not linking SWIFT transactions to the core banking system and not rotating employees contributed to the scam going undetected.
3. The scam occurred over 7 years as fraudulent LoUs were issued to Nirav Modi's firms without collateral, bypassing checks. This allowed them to raise loans from other banks.
4. Auditors like Suri & Co, SPMG & Company, and MKPS & Associates had roles auditing the bank but failed to find the fraud. Assets worth billions have since been seized from
Punjab National Bank- Nirav Modi Fraud
The document provides an overview of the PNB scam involving issuance of fraudulent letters of undertaking by PNB bank officials to Nirav Modi and Mehul Choksi without cash margins or securities, leading to losses of over 11400 crore for PNB. Key players in the scam included Nirav Modi, Mehul Choksi, and several PNB employees. Major causes of the failure included flaws in the bank's governance systems and controls related to SWIFT transactions not being linked to the core banking system. Consequences included a sharp drop in PNB's share price and ratings downgrades. Recommendations focused on improving risk management, auditing, supervision and compliance.
PNB SCAM (NIRAV MODI)
HERE IS THE PPT ON PNB SCAM
NIRAV MODI
WE MADE IT BASED ON EARLIER FACED FRAUD BY PNB
FRAUDSTER NAME IS NIRAV MODI
I THINK IT WILL CLEAR ALL YOUR DOUBTS ABOUT SCAM
Auditing Standard and Practice
Advanced audit
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Forensic Accounting
This document discusses forensic accounting, including what forensic accountants do and the typical process they follow. It defines forensic accounting as utilizing accounting, auditing, and investigative skills to identify, interpret, and communicate evidence from financial transactions and events, especially for actual or anticipated legal disputes. It describes that forensic accountants perform investigations and analyses of complex financial issues to assist with litigation, insurance claims, fraud investigations, and other legal matters. The typical process involves meeting with clients, collecting relevant evidence, analyzing the evidence, preparing a report, and presenting findings.
Fraud Management ppt.pptx
The initial stage of the supply chain process is the planning stage. We need to develop a plan or strategy in order to address how the products and services will satisfy the demands and necessities of the customers. In this stage, the planning should mainly focus on designing a strategy that yields maximum profit.
For managing all the resources required for designing products and providing services, a strategy has to be designed by the companies. Supply chain management mainly focuses on planning and developing a set of metrics.
1.4.2) Develop (Source)
After planning, the next step involves developing or sourcing. In this stage, we mainly concentrate on building a strong relationship with Develop of the raw materials required for
production. This involves not only identifying dependable suppliers but also determining different planning methods for shipping, delivery, and payment of the product.
Companies need to select suppliers to deliver the items and services they require to develop their product. So, in this stage, the supply chain managers need to construct a set of pricing, delivery and payment processes with suppliers and also create the metrics for controlling and improving the relationships.
Finally, the supply chain managers can combine all these processes for handling their goods and services inventory. This handling comprises receiving and examining shipments, transferring them to the manufacturing facilities and authorizing supplier payments.
1.4.3) Make
The third step in the supply chain management process is the manufacturing or making of products that were demanded by the customer. In this stage, the products are designed, produced, tested, packaged, and synchronized for delivery.
Here, the task of the supply chain manager is to schedule all the activities required for manufacturing, testing, packaging and preparation for delivery. This stage is considered as the most metric-intensive unit of the supply chain, where firms can e gauge the quality levels, production output and worker productivity.
“NIRAV MODI & THE PUNJAB NATIONAL BANK FRAUD”
Nirav Modi, an Indian diamond jewellery designer, is at the center of one of India's largest banking frauds detected so far totaling over $1.77 billion. He grew his business significantly over the years but is now accused of defrauding Punjab National Bank by using fraudulent Letters of Undertaking to obtain loans from other Indian banks. The fraud was allegedly carried out through a PNB branch in Mumbai over a period of several years, with transactions not being recorded in the bank's core banking system, allowing the fraud to go undetected for a long time. Investigations are ongoing into Modi's business dealings and how this large scale fraud was able to be perpetrated.
Punjab National Bank (PNB) Scam
1) 11400 Crores Fraud
2) Nirav Modi, the billionaire jeweler who along with others scammed Punjab National Bank (PNB) of over 11400 crore’s has fled the country.
3) Apparently Nirav modi spotted in which place WE DON’T KNOW But What exactly is this scam?
4) The CBI has registered a case against Nirav Modi on January 29. Punjab National Bank registered a case against Nirav Modi, His Brother Neeshal & His Uncle Mehul Choksi on February 13.
5) The Bank initially reported a scam of rupees 280 crores. But it was later realized to be rupees 11400 crores. This is a lot of money. So how does one get away with a scam of such magnitude? Possibly it is one of the biggest in Indias’s banking history.
6) Nirav Modi is an importer of diamonds. Basically importers prefer to take loans in foreign currencies as interest rates on that are lower. In this case a loan that is taken from any overseas bank guaranteed by PNB. Then what Modi had to do was approach PNB & ask for buyers credit? In order to do this PNB had to issue a “letter Of Undertaking” to an overseas bank. Basically LoU guarantees an overseas bank that if it gives money for a specified period to identified by the home bank (in this case PNB) then the home bank will assure that the money will be returned to the overseas bank.
7) Most of these overseas banks are Indian Banks with foreign branches. So the overseas bank directly give to loan PNB not Nirav Modi. An account has to create by PNB called a NOSTRO account where the overseas bank gives the loan.
.
.
.
.
.
More.........
History of Accounting Thought
This document discusses the history and development of accounting knowledge over the past 200 years. It begins by describing early accounting practices in ancient civilizations. It then outlines key developments in different time periods, including the establishment of double-entry bookkeeping in Europe in the 15th century, stagnation from 1494-1775, an emphasis on the balance sheet from 1775-1850, and the development of accounting principles and assumptions from 1850-1900. The document also discusses the leadership of the United States and European countries in advancing accounting theory in the 20th century.
Fraud Detection presentation
Statistical data modeling
Data preprocessing
Matching algorithms
Peer group outliers and covariance
Time-series analysis
Presentation on corporate frauds
A presentation about frauds those took place in financial giants and top most companies of the world during decades. This presentation will be helpful for students information.
Audit process model
Audit process Explains how to do audit that include audit acceptance, audit planning, audit testing and evidence and audit Reporting
Fraud Cases in Auditing
CPAs responsibilities to detect fraud in audits, required approaches, types of financial statement frauds and specific case examples of different types of financial statement fraud
AUDIT CASE
The key audit objectives for the Dodgers' payroll function are occurrence, completeness, accuracy, posting and summarization, classification, and timing. Internal control weaknesses included the payroll system being designed and controlled solely by one employee, a lack of independent checks, no separation of duties, and collusion between employees. Audit procedures that could have discovered the fraudulent scheme included understanding the payroll process, interviewing employees, testing for nonexistent employees, testing hours paid versus hours worked, comparing pay rates to other teams, and examining large payroll checks.
PNB SCAM.pptx
The document summarizes the Punjab National Bank (PNB) scam involving Nirav Modi. It discusses how former PNB employees fraudulently issued fake Letters of Undertaking (LOUs) without collateral to Nirav Modi's companies, allowing them to take loans from overseas banks. This resulted in losses of over $1.77 billion for PNB. The scam went undetected for years due to failures in auditing, internal controls and oversight from regulatory bodies. An investigation into the scam has been launched and several people have been arrested.
Accounting Fraud At WorldCom
WorldCom was a global telecommunications company that grew rapidly in the 1990s through acquisitions. However, the failed acquisition of Sprint in 2000 caused financial difficulties as costs rose. The CEO and CFO then engaged in a $3.8 billion accounting fraud scheme over 5 quarters from 2001-2002 to misrepresent expenses. This involved improperly releasing expense reserves and misclassifying line costs as capital expenditures. An internal audit uncovered the fraud in 2002, plunging the company into bankruptcy and resulting in numerous prosecutions, including the 25-year imprisonment of former CEO Bernie Ebbers.
Chapter 11, Tests of Controls
This document provides an overview of tests of controls for auditing purposes. It discusses assessing control risk, the purpose and nature of tests of controls, and how the work of internal auditing may be used. The document outlines the process of assessing control risk and communicating conclusions. It describes types of controls expected in IT environments and lists alternative computer-assisted audit techniques.
A Report on the Punjab National Bank Scam (Nirav Modi)
Nirav Modi, a wealthy Indian businessman, is alleged to have defrauded Punjab National Bank of $1.77 billion through the illegal issuance of fraudulent Letters of Understanding. An investigation revealed that multiple PNB employees issued fake LoUs over several years, allowing Modi's companies to take large loans from other banks that they did not pay back. The fraud went undetected by PNB due to a lack of integration between their core banking system and the SWIFT network, which allowed the fake LoU transactions to be made without being recorded. PNB has now reported the fraud to authorities and may have to repay the liabilities owed to other banks that were deceived into providing the loans. The case has dealt a
Auditing activities of microfinance institutions
The document provides an overview of internal auditing in microfinance institutions. It defines internal audit as an independent, objective function that evaluates risk management and internal controls. The purposes of internal audit are to ensure compliance and add value by improving operations. Key points covered include the independence and functions of internal audit, developing an audit plan and scope, sampling techniques, the auditing process, and reporting findings and monitoring corrective actions.
Reebok scam 2012 fraud
- Founded in England in 1895, Reebok was renamed in 1958 and expanded to North America in 1979 when Paul Fireman purchased distribution rights.
- Reebok retail outlets sell sports accessories like shoes, apparel, equipment and health products divided into categories.
- In 2012, a Rs. 870 crore fraud was alleged against former Reebok India MD Subhinder Singh Prem and COO Vishnu Bhagat involving fudged accounts, secret warehouses, and siphoning goods to ghost companies. Investigations found systemic mismanagement in business operations and planning.
The Internal Audit Framework
The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
More Related Content
What's hot
Role of Auditors in Punjab National Bank Scam
1. Several auditing firms failed to detect the massive Rs 14,000 crore fraud at Punjab National Bank, with the internal chief auditor especially culpable.
2. Management failures like not linking SWIFT transactions to the core banking system and not rotating employees contributed to the scam going undetected.
3. The scam occurred over 7 years as fraudulent LoUs were issued to Nirav Modi's firms without collateral, bypassing checks. This allowed them to raise loans from other banks.
4. Auditors like Suri & Co, SPMG & Company, and MKPS & Associates had roles auditing the bank but failed to find the fraud. Assets worth billions have since been seized from
Punjab National Bank- Nirav Modi Fraud
The document provides an overview of the PNB scam involving issuance of fraudulent letters of undertaking by PNB bank officials to Nirav Modi and Mehul Choksi without cash margins or securities, leading to losses of over 11400 crore for PNB. Key players in the scam included Nirav Modi, Mehul Choksi, and several PNB employees. Major causes of the failure included flaws in the bank's governance systems and controls related to SWIFT transactions not being linked to the core banking system. Consequences included a sharp drop in PNB's share price and ratings downgrades. Recommendations focused on improving risk management, auditing, supervision and compliance.
PNB SCAM (NIRAV MODI)
HERE IS THE PPT ON PNB SCAM
NIRAV MODI
WE MADE IT BASED ON EARLIER FACED FRAUD BY PNB
FRAUDSTER NAME IS NIRAV MODI
I THINK IT WILL CLEAR ALL YOUR DOUBTS ABOUT SCAM
Auditing Standard and Practice
Advanced audit
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Forensic Accounting
This document discusses forensic accounting, including what forensic accountants do and the typical process they follow. It defines forensic accounting as utilizing accounting, auditing, and investigative skills to identify, interpret, and communicate evidence from financial transactions and events, especially for actual or anticipated legal disputes. It describes that forensic accountants perform investigations and analyses of complex financial issues to assist with litigation, insurance claims, fraud investigations, and other legal matters. The typical process involves meeting with clients, collecting relevant evidence, analyzing the evidence, preparing a report, and presenting findings.
Fraud Management ppt.pptx
The initial stage of the supply chain process is the planning stage. We need to develop a plan or strategy in order to address how the products and services will satisfy the demands and necessities of the customers. In this stage, the planning should mainly focus on designing a strategy that yields maximum profit.
For managing all the resources required for designing products and providing services, a strategy has to be designed by the companies. Supply chain management mainly focuses on planning and developing a set of metrics.
1.4.2) Develop (Source)
After planning, the next step involves developing or sourcing. In this stage, we mainly concentrate on building a strong relationship with Develop of the raw materials required for
production. This involves not only identifying dependable suppliers but also determining different planning methods for shipping, delivery, and payment of the product.
Companies need to select suppliers to deliver the items and services they require to develop their product. So, in this stage, the supply chain managers need to construct a set of pricing, delivery and payment processes with suppliers and also create the metrics for controlling and improving the relationships.
Finally, the supply chain managers can combine all these processes for handling their goods and services inventory. This handling comprises receiving and examining shipments, transferring them to the manufacturing facilities and authorizing supplier payments.
1.4.3) Make
The third step in the supply chain management process is the manufacturing or making of products that were demanded by the customer. In this stage, the products are designed, produced, tested, packaged, and synchronized for delivery.
Here, the task of the supply chain manager is to schedule all the activities required for manufacturing, testing, packaging and preparation for delivery. This stage is considered as the most metric-intensive unit of the supply chain, where firms can e gauge the quality levels, production output and worker productivity.
“NIRAV MODI & THE PUNJAB NATIONAL BANK FRAUD”
Nirav Modi, an Indian diamond jewellery designer, is at the center of one of India's largest banking frauds detected so far totaling over $1.77 billion. He grew his business significantly over the years but is now accused of defrauding Punjab National Bank by using fraudulent Letters of Undertaking to obtain loans from other Indian banks. The fraud was allegedly carried out through a PNB branch in Mumbai over a period of several years, with transactions not being recorded in the bank's core banking system, allowing the fraud to go undetected for a long time. Investigations are ongoing into Modi's business dealings and how this large scale fraud was able to be perpetrated.
Punjab National Bank (PNB) Scam
1) 11400 Crores Fraud
2) Nirav Modi, the billionaire jeweler who along with others scammed Punjab National Bank (PNB) of over 11400 crore’s has fled the country.
3) Apparently Nirav modi spotted in which place WE DON’T KNOW But What exactly is this scam?
4) The CBI has registered a case against Nirav Modi on January 29. Punjab National Bank registered a case against Nirav Modi, His Brother Neeshal & His Uncle Mehul Choksi on February 13.
5) The Bank initially reported a scam of rupees 280 crores. But it was later realized to be rupees 11400 crores. This is a lot of money. So how does one get away with a scam of such magnitude? Possibly it is one of the biggest in Indias’s banking history.
6) Nirav Modi is an importer of diamonds. Basically importers prefer to take loans in foreign currencies as interest rates on that are lower. In this case a loan that is taken from any overseas bank guaranteed by PNB. Then what Modi had to do was approach PNB & ask for buyers credit? In order to do this PNB had to issue a “letter Of Undertaking” to an overseas bank. Basically LoU guarantees an overseas bank that if it gives money for a specified period to identified by the home bank (in this case PNB) then the home bank will assure that the money will be returned to the overseas bank.
7) Most of these overseas banks are Indian Banks with foreign branches. So the overseas bank directly give to loan PNB not Nirav Modi. An account has to create by PNB called a NOSTRO account where the overseas bank gives the loan.
.
.
.
.
.
More.........
History of Accounting Thought
This document discusses the history and development of accounting knowledge over the past 200 years. It begins by describing early accounting practices in ancient civilizations. It then outlines key developments in different time periods, including the establishment of double-entry bookkeeping in Europe in the 15th century, stagnation from 1494-1775, an emphasis on the balance sheet from 1775-1850, and the development of accounting principles and assumptions from 1850-1900. The document also discusses the leadership of the United States and European countries in advancing accounting theory in the 20th century.
Fraud Detection presentation
Statistical data modeling
Data preprocessing
Matching algorithms
Peer group outliers and covariance
Time-series analysis
Presentation on corporate frauds
A presentation about frauds those took place in financial giants and top most companies of the world during decades. This presentation will be helpful for students information.
Audit process model
Audit process Explains how to do audit that include audit acceptance, audit planning, audit testing and evidence and audit Reporting
Fraud Cases in Auditing
CPAs responsibilities to detect fraud in audits, required approaches, types of financial statement frauds and specific case examples of different types of financial statement fraud
AUDIT CASE
The key audit objectives for the Dodgers' payroll function are occurrence, completeness, accuracy, posting and summarization, classification, and timing. Internal control weaknesses included the payroll system being designed and controlled solely by one employee, a lack of independent checks, no separation of duties, and collusion between employees. Audit procedures that could have discovered the fraudulent scheme included understanding the payroll process, interviewing employees, testing for nonexistent employees, testing hours paid versus hours worked, comparing pay rates to other teams, and examining large payroll checks.
PNB SCAM.pptx
The document summarizes the Punjab National Bank (PNB) scam involving Nirav Modi. It discusses how former PNB employees fraudulently issued fake Letters of Undertaking (LOUs) without collateral to Nirav Modi's companies, allowing them to take loans from overseas banks. This resulted in losses of over $1.77 billion for PNB. The scam went undetected for years due to failures in auditing, internal controls and oversight from regulatory bodies. An investigation into the scam has been launched and several people have been arrested.
Accounting Fraud At WorldCom
WorldCom was a global telecommunications company that grew rapidly in the 1990s through acquisitions. However, the failed acquisition of Sprint in 2000 caused financial difficulties as costs rose. The CEO and CFO then engaged in a $3.8 billion accounting fraud scheme over 5 quarters from 2001-2002 to misrepresent expenses. This involved improperly releasing expense reserves and misclassifying line costs as capital expenditures. An internal audit uncovered the fraud in 2002, plunging the company into bankruptcy and resulting in numerous prosecutions, including the 25-year imprisonment of former CEO Bernie Ebbers.
Chapter 11, Tests of Controls
This document provides an overview of tests of controls for auditing purposes. It discusses assessing control risk, the purpose and nature of tests of controls, and how the work of internal auditing may be used. The document outlines the process of assessing control risk and communicating conclusions. It describes types of controls expected in IT environments and lists alternative computer-assisted audit techniques.
A Report on the Punjab National Bank Scam (Nirav Modi)
Nirav Modi, a wealthy Indian businessman, is alleged to have defrauded Punjab National Bank of $1.77 billion through the illegal issuance of fraudulent Letters of Understanding. An investigation revealed that multiple PNB employees issued fake LoUs over several years, allowing Modi's companies to take large loans from other banks that they did not pay back. The fraud went undetected by PNB due to a lack of integration between their core banking system and the SWIFT network, which allowed the fake LoU transactions to be made without being recorded. PNB has now reported the fraud to authorities and may have to repay the liabilities owed to other banks that were deceived into providing the loans. The case has dealt a
Auditing activities of microfinance institutions
The document provides an overview of internal auditing in microfinance institutions. It defines internal audit as an independent, objective function that evaluates risk management and internal controls. The purposes of internal audit are to ensure compliance and add value by improving operations. Key points covered include the independence and functions of internal audit, developing an audit plan and scope, sampling techniques, the auditing process, and reporting findings and monitoring corrective actions.
What's hot (20)
LAPORAN INTERNAL AUDIT DAN KETERAMPILAN AUDIT PPT.pptx
LAPORAN INTERNAL AUDIT DAN KETERAMPILAN AUDIT PPT.pptx
A Report on the Punjab National Bank Scam (Nirav Modi)
A Report on the Punjab National Bank Scam (Nirav Modi)
Viewers also liked
Reebok scam 2012 fraud
- Founded in England in 1895, Reebok was renamed in 1958 and expanded to North America in 1979 when Paul Fireman purchased distribution rights.
- Reebok retail outlets sell sports accessories like shoes, apparel, equipment and health products divided into categories.
- In 2012, a Rs. 870 crore fraud was alleged against former Reebok India MD Subhinder Singh Prem and COO Vishnu Bhagat involving fudged accounts, secret warehouses, and siphoning goods to ghost companies. Investigations found systemic mismanagement in business operations and planning.
The Internal Audit Framework
The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
Auditing (Introduction to Auditing)
auditing is an examination of accounting
records undertaken with a view to establish whether they correctly and completely reflect the transactions to which they relate.
Project audit & review checklist
This document provides a detailed checklist to review the health of a project. It contains over 100 questions across various categories including project planning, management, quality, resources, users, and development approach. The questions assess the relevance and strength of different project attributes such as having a formal project plan, adequate risk management, proper quality assurance processes, sufficient resourcing and user involvement, and use of a recognized development methodology. The checklist is intended to assist project managers in auditing and improving their project.
Audit presentation
Audits are performed to evaluate information validity, reliability, and internal controls. The goal is to express an opinion on the subject based on test work. IT audits specifically examine technology infrastructure, applications, development processes, and governance to evaluate security, integrity, effectiveness, and risk management. Key areas include systems, facilities, development lifecycle, management, architecture, and client/server environments. Findings are reported to assess controls and risks with recommendations for improvement.
Basic Internal Auditing Presentation
The document discusses the purpose and role of internal auditing. It describes internal auditing as an independent function that examines and evaluates an organization's activities to help management discharge their responsibilities effectively. The objective is to promote control within the organization at a reasonable cost. The document outlines the audit process, including planning, performing, reporting, and following up on corrective actions. It provides best practices for tasks like risk assessment, test design, documentation, reporting findings, and building trust with auditees.
Basic Internal Auditing Presentation
The document provides an overview of internal auditing basics and best practices. It discusses the purpose and objectives of internal auditing, which includes independently evaluating activities within an organization to examine controls and ensure responsibilities are carried out effectively and efficiently. The document also outlines the audit process, including planning, performing, and reporting phases. It describes establishing objectives and scope, assessing risks, designing tests, documenting work, summarizing results, and following up on corrective actions. The overall goal is to help organizations achieve their objectives and promote continuous improvement.
Audit Process, Audit Procedures, Audit Planning, Auditing
audit process,audit procedures,audit planning,audit report,audit program,exit conference,client response,advance business consulting, http://mba4help.com, miami, jose cintron
Introduction to auditing
Auditing ensures monitoring and provides a review and correction mechanism. It emerged as an independent, professional medium separate from business services. Auditing examines facts independently and provides expert opinions and advice to ensure quality standards. The objectives of an audit are to express an expert opinion, detect and prevent errors and frauds, and ensure financial statements present a true and fair view. Auditing is needed to increase the reliability and credibility of financial information and ensure the proper reporting of an entity's financial position.
Viewers also liked (9)
Audit Process, Audit Procedures, Audit Planning, Auditing
Audit Process, Audit Procedures, Audit Planning, Auditing
Similar to Audit case study
supply-chain-finance-jul17.pdf
Supply chain finance (SCF) involves an external finance provider settling supplier invoices in advance of the due date at a lower cost than the suppliers' own financing. This benefits both buyers and suppliers. For buyers, SCF can increase payment terms without higher prices and improve cash flow. For suppliers, it provides faster access to cash at advantageous rates. Implementing an SCF program requires selecting technology and financing partners and integrating it with procure-to-pay processes to maximize benefits like improved working capital and stronger supplier relationships.
ISC Brochure
IronStar Consulting provides procurement consulting services to help clients reduce costs and improve profitability. They have an experienced team with expertise in various sectors. IronStar analyzes all areas of a client's spending to identify savings opportunities. They use a Return on Invested Capital model where they only earn fees from actual savings achieved. IronStar implements best practices and works with clients on a strategic and long-term basis to continuously realize procurement savings.
Presentation on uniform costing
Presentation on uniform costing
Meaning of Uniform costing
Features
Objective
Advantage and limitations of Uniform costing
CHANNEL MANAGEMENT CHECKLIST
This document provides a checklist for channel management that includes strategic considerations, product positioning and messaging, channel recruitment readiness, managing the partner ecosystem, ideal target partners, business partner recruitment readiness, post-recruitment partner nurturing and development, channel sales agreements, and types of partner programs. The checklist covers gathering competitive intelligence, developing marketing messaging, setting channel recruitment goals, identifying and qualifying potential partners, training partners, and establishing metrics to measure performance.
The Age of Alignment Part III: Moving From Theory to Practice
This series is designed to explore a fundamental question that was raised by the NACD Blue Ribbon Commission on Strategy Development: “Does your company’s incentive structure reinforce or unintentionally undermine its chosen strategy?”
Parts 1 and 2 – which are available for replay – outlined a number of diagnostic tools and approaches that boards can use to uncover potential misalignment between their strategy and the compensation program design. We’ve also looked at various protocols that can help improve alignment and drive toward desired goals.
As we know – protocols cannot anticipate every situation. The fresh news on the proposed SEC rules regarding pay for performance disclosure is a perfect example!
I’m joined today by Jim Heim and Theo Sharp, both managing directors in the Boston office of Pearl Meyer and Partners and today we’re going to talk about some real-world examples that show how companies have put these smart theories and protocols into practice and how they’ve remained disciplined toward strategy execution but also flexible to accommodate the unexpected.
Whitepaper - Developing a Productive Partner Ecosystem.2014
The document discusses building a productive partner ecosystem. It aims to increase revenue, extend customer reach, ensure relevance to customers, and increase return on investment from the partner programme. It provides examples of how to optimize a partner ecosystem by matching strategies, validating ROI, building a partner lifecycle framework, and optimizing supporting infrastructure and incentives. It also discusses challenges seen with other partner programmes and provides a case study example of augmenting a sales team with selected alliance partners.
Channel marketing fund overview (MDF/Co-Op)
Market development funds (MDF) or Co-op Funds are used by manufacturers to provide funds to channel partners, resellers, VARs, or distributors, to enable sale of their products and create local awareness about their brands. The presentation describes the Channel Marketing Fund solution in SAP CRM.
The role of finance in the strategic planning and decision-making process
The document discusses the role of finance in strategic planning and decision making. It outlines the strategic planning process, which includes creating a vision and mission statement, analyzing strengths/weaknesses/opportunities/threats, formulating a strategy, and implementing and monitoring the strategy. The balanced scorecard approach aligns strategy with financial goals in key areas like free cash flow, economic value added, asset management, profitability, growth, risk management, and tax optimization. Setting measurable financial goals in these areas helps ensure strategies are effectively implemented and monitored.
Pricing , lisencing and portfolios in tech transfer
This document discusses various topics related to intellectual property valuation and licensing. It begins by defining pricing of IP assets and factors that influence pricing determinations. It then discusses different types of intellectual property and methods used to value IP, including cost-based methods, market-based methods, income-based methods, and qualitative methods. The document also provides examples and case studies of different valuation methods. Finally, it covers intellectual property licensing, including reasons for licensing, types of licensing agreements, and general principles for licensing agreements.
Morgan motor car company
Morgan Motor Company has developed various strategies across different business functions to strengthen its position in the competitive automobile market. These include pursuing differentiation through heritage, quality, and unique buyers. Functional strategies focus on increasing service, IT, and human resources. The report outlines programs to improve operations, organization, and human resources. Budgets are allocated for marketing, R&D, HR, and operations. Procedures are established for sales force management and maintaining customer relations. Strategic alliances are formed for engine development, emissions testing, and research collaborations. If implemented properly, these strategies could help Morgan regain its former market dominance.
Forrester Consultiung - TEI of Rocket Fuel Programmatic Marketing Platform
The document summarizes a Total Economic Impact study conducted by Forrester Consulting on the Rocket Fuel Programmatic Marketing Platform. Key findings include:
1) Adopting the Rocket Fuel DMP led to improved media efficiency through reducing overfrequencing of ads by 20% for Organization A, saving $14 million, and avoiding targeting existing customers, saving 10% of annual media spend or $7 million.
2) Organization B realized $62.5 million in benefits from more effective site conversions through Rocket Fuel-powered optimization.
3) Overall the study found an 832% return on investment from media efficiency and 354% ROI from site optimization. Qualitative benefits also included improved customer experience and intelligence
Forrester Consultiung - TEI of Rocket Fuel Programmatic Marketing Platform
The document summarizes a Total Economic Impact study conducted by Forrester Consulting on the Rocket Fuel Programmatic Marketing Platform. Key findings include:
1) Adopting the Rocket Fuel DMP led to improved media efficiency through reducing overfrequencing of ads by 20% for Organization A, saving $14 million, and avoiding targeting existing customers, saving 10% of annual media spend or $7 million.
2) Organization B realized $62.5 million in benefits from more effective conversions through site optimization powered by Rocket Fuel.
3) Overall the study found an 832% return on investment from media efficiency and a 354% ROI from site optimization and conversion improvements.
Application sourcing focused on value, not cost alone
As part of a four year transformation strategy to replace its aging technology stack, strengthen their expertise and reduce the total cost of ownership, a $12 billion US-based organization was seeking a solution that would resolve problems they were experiencing in the delivery of their applications development, maintenance and support functions. In this case study, WGroup facilitated the outsourcing RFP process with service providers so the client could evaluate partners based on value-creation capabilities, and not on cost alone. The resulting outsourcing contract implemented drove a metric-driven organization, measurable operational improvements, and expanded the service catalog of the IT organization.
kalafsky Resume 032315
Mark J. Kalafsky is an experienced Director in the Financial Services sector with over 30 years of experience managing large projects for Fortune 1000 companies. He has expertise in strategy development, program/project management, business process optimization, and technology implementation. The document provides details on several of Kalafsky's projects at companies such as Bank of America, BNY Mellon, and LPL Financial.
RESUME James Gilchrist MAR 2015
James Gilchrist has over 20 years of experience in wine and hospitality industries, holding various roles such as Business Analyst, National Strategy & Execution Manager, Commercial Analyst, and Key Account Manager. He has a demonstrated track record of generating insights, driving initiatives, and delivering financial and operational improvements across multiple companies. Gilchrist also has a background in volunteer leadership through his role as President of the Old Ignatians Cricket Club.
FTE outsourcing_PharmaNetwork_sep2014
The document discusses the FTE-based model for outsourcing analytical testing that is gaining popularity among pharmaceutical companies. It provides benefits like reduced costs, flexibility, and expertise. Under this model, a contract laboratory provides full-time employees (FTEs) on a monthly basis tailored to a client's needs. This allows variable staffing levels and outsourcing of non-core activities. Savings of up to 25% are possible compared to traditional fee-for-service models due to lower administrative costs. Case studies demonstrate how the FTE model has been successfully implemented across different services and geographies.
Blackstone Synergy Consulting Group - MOA
1) The document outlines a business model for a consulting firm with three strategic business units: management consulting, econometric forecasting, and turnaround consulting for struggling companies.
2) It details the organization of the consulting firm, including establishing a board of directors with visionary and executive levels to oversee three layers of strategic business heads, section heads, and project associates.
3) The pricing and compensation structure links consultant compensation to client company performance benchmarks evaluated quarterly over 12 quarters. Top performers will be rewarded with promotions and pay increases.
Channel Marketing Automation Can Increase Channel Management Maturity
Managing a direct sales force is tough, let alone managing an indirect (channel) sales force. The concept of a channel has existed since the existence of fire, when one person bartered with another. While technology has evolved rapidly over the past few thousand years, for many companies the state of their channel maturity still resembles how the channel was managed in the Stone Age.
Operations in Source to Pay (S2P) Cycle
The document discusses operations in the source-to-pay (S2P) cycle. It describes the key steps in the S2P process, including generating material requirements, sending requests for quotation, identifying suppliers, receiving quotes, approving purchase orders, receiving goods, processing payments, and dispatching materials to buyers. It also discusses challenges like risk mitigation and supplier management issues. Additionally, it outlines performance indicators for evaluating the procure-to-pay process and emphasizes the importance of procurement in helping businesses address disruptions and maintain operational continuity.
10 Key Steps to Law Firm Transition Planning
Without careful attention to transition planning or succession planning in law firms, the investment and hard work lawyers have put into their firms could end up benefiting their competitors. In the presentation, we give you 10 key steps to develop an effective transition plan.
Similar to Audit case study (20)
The Age of Alignment Part III: Moving From Theory to Practice
The Age of Alignment Part III: Moving From Theory to Practice
Whitepaper - Developing a Productive Partner Ecosystem.2014
Whitepaper - Developing a Productive Partner Ecosystem.2014
The role of finance in the strategic planning and decision-making process
The role of finance in the strategic planning and decision-making process
Pricing , lisencing and portfolios in tech transfer
Pricing , lisencing and portfolios in tech transfer
Forrester Consultiung - TEI of Rocket Fuel Programmatic Marketing Platform
Forrester Consultiung - TEI of Rocket Fuel Programmatic Marketing Platform
Forrester Consultiung - TEI of Rocket Fuel Programmatic Marketing Platform
Forrester Consultiung - TEI of Rocket Fuel Programmatic Marketing Platform
Application sourcing focused on value, not cost alone
Application sourcing focused on value, not cost alone
Channel Marketing Automation Can Increase Channel Management Maturity
Channel Marketing Automation Can Increase Channel Management Maturity
Audit case study
- 1. Challenge: Over an extended period of time, Sponsor X had been investing in a large and diverse range of partnership programs including community initiatives, individual athletes, national sporting teams, venues and media sponsorships. A new corporate strategy, requirement for greater accountability and austerity measures required the portfolio to be objectively assessed to ensure it met the ongoing needs/ challenges of the organisation, and objectives of the brand. Action: To achieve these requirements, Sponsorium applied PerforMind: 1. Created a set of weighted criteria in order to assess the performance of all partnerships against the new corporate strategy. 2. Designed an online partnership audit and assessment process based upon this new criteria. 3. A link to the online audit and assessment form was then sent to the relevant partnership managers and store managers with instructions to submit their programs, events or projects. 4. The online form asked for key information (property contract details, expenditure, etc), but also, asked questions relevant to the new criteria of which the weightings sit behind the question. 5. The recipient filled out the form and submitted the partnership to the PerforMind database. An automated notification of a new record was then sent to HQ. PerforMind Audit Example; European based Retailer
- 2. 6. Sponsorium project managed this process, advised on the form design and content and provided local support to those who needed help with form filling. 7. The audit was given a deadline for all submissions to be made, after which all partnership records were centralised in a consistent format. 8. PerforMind then generated automatic summary reports on every partnership and a custom macro report on issues such as number and type of partnerships by sector, region, date, length, expiry date, expenditure (in cash and value in kind). 9. PerforMind had also automatically assessed each partnership on three dimensions – score (against weighted criteria) – cost per point (dividing score by budget), and a grid comparing each partnership to the average. 10.With all partnerships centralised the next step was to use PerforMind as an approval process for renewals and any future partnership deals. The evaluation process also ensured that all new partnerships were aligned to the corporate objectives and the scoring and cost per point system was used to help negotiate deals. 11.Now PerforMind provides the process, transparency and governance for all future decision making and expenditure.
- 3. Result: • The entire portfolio was ranked in accordance to the brand’s partnership & corporate objectives • The brand team and management received objective information as to how the existing portfolio (and properties) could be improved to meet business objectives via either/ or rights enhancement, fee negotiation or property removal. • The re-balanced and prioritised portfolio was then more aligned with the objectives and requirements of the brand and organisation. • Local partnership and store managers engaged the process and found the results fed back to them helpful in terms of assessing new proposals.
- 4. • The overall portfolio rights expenditure decreased by 60%, with both rights fees and leverage costs either placed back into the marcomms budget to optimise key properties or accrued with overall budget. The rights of the existing (new) portfolio now improved its delivery of the Return on Objectives (ROO) by 40% • The company also aligned their buying model on the Cost Per Point. Whereas previously their sponsorships ranged from 500 to 150 Cost Per Point they now work off a lower average of 100 Cost Per Point and have introduced this as a Group policy. pts 1000 ● ● ● ● 800 ● ● ● ● ● 600 ● ● ● ● 400 ● ● 200 0 €/pt 0 100 200 300 400 500 600 700 800 pts 1000 800 ● ● ● ● ● 600 ● ● 400 ● ● ● ● ● ● ● 200 ● ● ● ● 0 €/pt 0 100 200 300 400 500 600 700 800 Portfolio Pre Audit Portfolio Post Audit