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Summary Fraud Project Report .docx ACCT 320 Fraud Project Report: Monitoring Activities UMGC ACCT 320 Fraud Detection and Deterrence Monitoring Activities Monitoring Activities is one of the essential components of the five COSO s Frameworks. It is important€7,09
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Summary Fraud Project Report .docx ACCT 320 Fraud Project Report: Monitoring Activities UMGC ACCT 320 Fraud Detection and Deterrence Monitoring Activities Monitoring Activities is one of the essential components of the five COSO s Frameworks. It is important
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Fraud Project Report .docx ACCT 320 Fraud Project Report: Monitoring Activities UMGC ACCT 320 Fraud Detection and Deterrence Monitoring Activities Monitoring Activities is one of the essential components of the five COSO s Frameworks. It is important because it monitors internal controls ensur...
fraud project report docx acct 320 fraud project report monitoring activities umgc acct 320 fraud detection and deterrence monitoring activities monitoring activities is one of the essential co
Monitoring Activities is one of the essential components of the five COSO’s
Frameworks. It is important because it monitors internal controls ensuring that the system that
has been implemented is working properly and are operating effectively. Managing controls
involves third-party and company reviews of the controls along with notifying the relevant
parties of the results. An accurate and reliable monitoring system can be extremely beneficial to
the company for a quick and effective way to address problems.
A company's monitoring system can include routine operations, one-time reviews, or a
mixture of the two; both of which are aimed at mitigating the threats found by an organization.
Management can promote an ethical culture by everyday engagements and conduct, and leading
by example as it is more generally referred to as helping to ensure that the evaluation processes
in place are practiced diligently. It is critical to establish a timeline for regular, weekly, and
monthly reporting techniques. Additionally, management must keep the staff responsible for
comprehending perceived problems and developing a timetable for corrective action.
Internal management systems that are tailored to the company's unique threats are a must-
have for every organization. Adequate internal controls are critical to achieving the overall
strategic, operational, regulatory, and monitoring goals. An internal audit consists of looking in
from the inside. The purpose of an audit is to allow management to feel comfortable knowing
everything is running smoothly without having to monitor every department of the company.
Monitoring activities can help deter many types of fraud internally or externally by being
proactive in testing the systems put in place and can only benefit an organization in the long run.
For instance, receiving invoices from fictitious vendors can be deterred by reviewing the
addresses of vendors with employee addresses and phone numbers to see if there is a match or
being watchful of like-sounding names of vendors with the same phone number and address.
Moreover, examining for duplicate invoice numbers and making sure invoice amounts match
contracts or purchase order amounts to test for altered invoices.
In conclusion, though we focused on monitoring activities which is the final step in the
COSO framework to have substantial processes to monitor it starts with the control environment.
The control environment sets the stage by having a set of rules, procedures, and systems that
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