ACC 676 Module Eight Activity Guidelines and Rubric Scenario ACC 676 Module 8 Activity Guidelines and Rubric

Scenario

You are an auditor for Woodson and Sons, a manufacturing company that is concerned about fraud activities in its procurement and inventory management processes. The company has been experiencing inconsistencies between its inventory records and actual physical inventory. Additionally, there are suspicions of collusion between some employees and external vendors leading to inflated procurement costs. The company has decided to implement a fraud risk management strategy based on the COSO framework. Your manager has asked you to write acompany-wide newsletter outlining suggested enhanced controls based on the COSO framework and the key differences between the COSO and COBIT frameworks.

This activity will help you with Project Two, where you will be required to determine the benefit of applying the COSO framework to the internal controls of a company.

Directions Write a company-wide newsletter discussing methods to prevent fraud from occurring and the importance of internal control frameworks, including suggested enhanced controls based on the COSO framework and the key differences between the COSO and COBIT frameworks.

Specifically, you must address the following rubric criteria:

1. Analyze how the control activities of the COSO framework prevent fraud. 2. Determine the impact the control activities have on efforts to minimize business and technology risks. 3. Recommend controls to ensure compliance with Principle 11 of the COSO framework model. 4. Provide other control activities for the control environment based on the COSO framework that would help reduce risk and fraud. 5. Suggest other control activities for monitoring based on the COSO framework that would benefit the company. 6. Summarize the difference between the COSO framework, COBIT framework, and other internal control frameworks.