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Case from journal
Reference no. IECJ0822C
Published by:
IMA - The Association of Accountants and Financial Professionals in Business (2015)
in "IMA Educational Case Journal"
7 pages
Data source:
Generalised experience
This case study based on a real financial institution requires students to students will identify weaknesses in the internal control processes described, which relate to the operations of a trust company. Students will also determine the appropriate controls that need to be in place and their purpose make suggestions for audit tests that will identify whether any improprieties have occurred. This case is particularly timely, as the ageing baby boomer generation places significant assets in the care of third parties. The case is intended for a course in auditing, risk management, or management accounting. It is based on actual events that resulted in significant loss to a financial institution, as well as a great deal of negative publicity. To maintain confidentiality, the names of the trust company and persons involved have been changed.
Learning objectives:
1. Identify control weaknesses in NCT’s company processes outlined and classify the related risks as high, medium, or low. 2. Determine the appropriate controls (preventative or detective) that should be in place in the company and their purpose. Suggest appropriate audit tests to identify whether any improprieties have occurred. 3. Discuss the internal control objectives that need to be evaluated in terms of the assertions relating to the financial transactions, including: completeness: all transactions and assets have been recorded. 4. Accuracy all transactions and assets are correctly captured in the accounts. 5. Authorization: all transactions have been approved and reviewed by those responsible, and safeguarding of assets: All assets are secure and accounted for.
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