By Richard B. Lanza, CFE, CPA, PMP
Quickly finding needles in the haystack
Sometimes a fraud examination appears daunting because of an extensive amount of data that needs to be sifted to identify exceptions. In one instance, a company was at risk for over reporting revenue on its financial statements. Because this was a new audit engagement, these overstatements may have existed in the prior year as well as the current year. As usual, we had limited time to complete the audit so everyone involved wanted answers fast. What added to the pressure was the fact that there were more than 5,700 customer accounts and any one of them could have been a fraudulent reporting of revenue.
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by Rommel Panlilio
COBIT is the standard for IT audits and is similar to the combination of GASB and GAAS used for traditional audits. You can read more about COBIT by logging on to www.Isaca.org.
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Karl Kasca, Information Researcher/Speaker – Kasca & Associates
Here are ten quick and simple tricks that you can use to make your Internet searches much more effective. If you use these search techniques you may be able to find what you’re seeking on the first or second pages of search engine results.
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Dr. William Holder
Dr. William W. Holder was the LAMAAA guest speaker on January 18, 2006 held at the DWP auditorium. He discussed the major changes required under GASB Statement Nos. 44 and 45. The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community
More information about GASB 44 and 45 can be found at its website www.gasb.org.
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