FRAUD Students name: Professors name: Course: Date:

Fraud measures Additional laws and harsh penalties will help mitigate financial fraud.  This is because it will instill fear in people who gain from fraud in companies.  This will also reduce the financial loss for companies due to fraud. Penalties will reduce fraud.

Fraud measures Longer jail term will instill fear. Taking away of assets gained from fraud is also a good penalty. loss of jobs and taking away of permits of operation. Banning for life of fraudsters in business operations.

Measures to mitigate fraud The government need to carry out fraud risk assessment regularly Check past reviews and audits to identify where vulnerable There is need for effective governance. The lines of authority need to be appropriate to cub fraud

Measures to mitigate fraud The government need to monitor financial activities of individuals and companies This to ensure they are compliant with policies and procedures. Educating employees on the risks of fraud is also another measure. Harsh penalties should be involved.

Key controls needed to reduce fraud They include segregation of duty, integrity and confidentiality. No opportunity to talk to other employees about company deals reduce fraud. People feel and are held responsible for any information leak. Confidentiality of financial information also lacked in E&Y case.

Key controls needed to reduce fraud This would have prevented the fraud. Failure of monitoring employee activity was absent. Gansman should have been monitored financially. He would have been detected earlier.

Donna`s decision If I were Donna Murdoch, one should report fraud. This is so as to avoid penalties related to fraud. Fraud is illegal and it is known to everyone. The authority dealing with fraud are the right people to report to.

Consulting engagements and audit engagements Engagement scope is determined by chief audit officer He consults with the management. Blend of assurance is one of the engagements. E &Y was supposed to be confidential with the merge deal.

Consulting engagements and audit engagements Integrity was a key issue. In regards to professionalism, no information was supposed to be disclosed. It was only to the parties involved in the merge deal. E&Y was responsible for the confidentiality of the information.

Consulting engagements and audit engagements E&Y was supposed to identify the risk involved. It was also supposed to manage the risk. It was to maintain business ethics as per agreed terms. It was supposed to detect fraud and ensure it does not happen or manage it.

Consulting engagements and audit engagements Internal audit is like consulting activity or an assurance. Internal auditors may recommend changes to audit reports. Professional consulting will include advice, counsel and facilitation. Consulting is a discipline related to profession responsibilities of auditing.

LEGISLATIVE/REGULATORY AGENCY More legislative/regulatory agency will reduce corporate fraud. This is so because they make people aware of fraud penalties. The agencies will detect fraud and ensure appropriate action is taken. They will foster more harsh penalties to avoid corporate fraud.

LEGISLATIVE/REGULATORY AGENCY They will also ensure that fraudsters are caught before they do damage Corporate fraud leads to fall of firms. This affects the economy negatively. Fraud need to be stopped and agencies is the solution to it.

References Knapp, M. C. (2013). Contemporary auditing: Real issues and cases. Australia: South-Western Cengage Learning. Knapp, M. C. (2014). Contemporary auditing. S.l.: Cengage Learning.