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1) DISCUSSION BOARD (200 WORDS WITH IN-TEXT CITATION AND SMALL IN SIMILARITY)The management team of PVSS is concerned that the team may be trying to audit too many areas and that things may be missed....

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1)
DISCUSSION BOARD (200 WORDS WITH IN-TEXT CITATION AND SMALL IN SIMILARITY)
The management team of PVSS is concerned that the team may be trying to audit too many areas and that things may be missed. They are also concerned that PVSS will not be able to finish solving all of the issues in a timely manner. With this in mind, they have decided to focus on only a few key issues.



  • What is your understanding of how a risk-based audit may address these concerns?

  • Explain how you woulddescribe to the management team the difference between a compliance and a substantive audit. Provide examples to help clarify your explanation.

  • Which type of audit should be performed in this project and why?



2)
INDIVIDUAL PROJECT (800 WORDS IN-TEXT CITATION AND KINDLY SMALL IN SMILARITY WITH AT LEAST 3 REFERENCES



Library Research Assignment


In conversations with PVSS, you have talked about the long-term strategic goals and plans for expansion. You also know about the rumors of the past, and during an informal conversation with the media content and design manager, the subject of the leaked CD came up. It is obvious that the manager is still upset by the allegations. The topic of fraud came up, and the manager would like to know how this could be tracked if proper controls are in place.


Using the online library, Internet, and all course materials, research fraud and auditing fraud. In a 4-page report, complete the following:



  • Describe what fraud is and how it could be conducted.

  • How would an audit attempt to detect that fraud has taken place?

  • Deliberate the previous leak and offer your insights about the root cause.

  • Could it be traced back to PVSS? (Defend your position.)

  • View both the employee (who could have leaked the CD) and the auditor (attempts to track and catch the employee) perspectives.

  • Ensure the paper follows the following format:


    • Cover page (does not count towards the page length requirement)

    • Introduction

    • Main Body

    • Conclusion

    • References page (does not count towards the page length requirement)


Answered 2 days After Mar 03, 2023

Solution

Shubham answered on Mar 06 2023
12 Votes
Discussion Board
A risk-based audit can help address the concerns of the management team of PVSS by prioritizing the areas of greatest risk to the organization. By focusing on the high-risk areas, the audit team can increase the effectiveness and efficiency of the audit process while ensuring that critical issues are not missed (Eulerich, Georgi & Schmidt, 2020). This approach allows for a more targeted audit plan that can result in a higher quality audit report with fewer findings, thereby reducing the time and resources needed for...
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