ais. assignment @1

ais. assignment @1 - The Greater Providence Deposit &...

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By MariaLorelie Hall Strayer University Accounting Information System Assignment #1 (6.1) Winter 2011 I have read and understand Strayer University’s Academic Integrity Policy. I promise to conduct myself with integrity in the submission of all academic work to the University and will not give or receive unauthorized assistance for the completion of assignments, research papers, examinations or other work. I understand that violations of the Academic Integrity Policy will lead to disciplinary action against me, up to and including suspension or expulsion from the University. I understand that all students play a role in preserving the academic integrity of the University and have an obligation to report violations of the Academic Integrity Policy committed by other students.
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2 Discuss how Greater Providence Deposit & Trust might improve its control procedures over the disbursement of loan funds to minimize the risk of this type of fraud. The case of Guisti’s embezzlement appears in the case that there is lack of segregation of duties and authorization. James Guisti is a manager of a North Providence branch office and a trusted 14-year employee who had once worked as one of the bank’s internal auditors. One of the biggest factors in embezzling is that embezzler is in a position of trust with someone else’s money. Therefore, in this case there is no trespassing in necessary for the theft to take place. Management should make sure that employees understand the entity’s objectives, assign authority and responsibility for business objectives to specific departments and individuals, encourage them to use initiative to solve the problems, and then hold them accountable for achieving those objectives. In the new internal control requirements section 404 of SOX requires companies to issue a report accompanying the financial statements that states management is responsible for establishing and maintaining an adequate internal control structure and appropriate control procedures. The report must contain management’s assessment of the company’s
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This note was uploaded on 03/31/2011 for the course ACC 565 taught by Professor Instructor during the Winter '09 term at Strayer.

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ais. assignment @1 - The Greater Providence Deposit &...

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