Assume that you activated for a position in UPC’s centralized analysis department afterwards 5 years in the accounts department. As a chief centralized auditor, one of your assignments is to architecture and apparatus controls over basic budgets and analysis ascendancy effectiveness. Your aggregation is required by the Sarbanes Oxley Act of 2002 (SOX) to abode actual weaknesses in centralized controls.
You created the absorbed spreadsheet to verify the advance amount acclimated in artful amount of capital. You articular abounding inconsistencies with the abstracts acclimated by the accounts department. The discrepancies led to a higher amount of basic for the barter backup project. Therefore, UPC decided to charter trucks instead. Further, you are acquainted that the finance administrator is the one who approves basic projects and makes procurement and leasing decisions. The accounts administrator owns a barter leasing company, and proposals accept been accustomed from his leasing company.
You accept been instructed to acknowledge to the afterward tasks:
Identify and explain 5 or added analysis objectives for UPC’s basic plans.
Provide a abode of your audit, and altercate any SOX reportable issues.
Recommend centralized controls to abode articular and perceived ascendancy weakness in UPC basic plans.
Some managers accept complained that the action of accepting projects does not accede qualitative factors. What qualitative factors will you recommend? Are there any associated risks?
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