********IMPORTANT Note: Please provide inline citation and references in APA reference for each separately.

Please note: NO AI and plagirsm please.******** Each Discussions in 250 words each-

1- What is the fundamental concept behind the rule of least access? Explain why this is a potential problem in an ERP environment. Please give specific example.

2- Explain why collusion between employees and management in the commission of fraud is difficult to both prevent and detect. Please give specific examples.

Assignments 1- (3-4 pages)

Case Study: While auditing the financial statements of Petty Corporation, the certified public accounting firm of Trueblue and Smith discovered that its client's legal expense account was abnormally high. Further investigation of the records indicated the following:

Since the beginning of the year, several disbursements totaling $15,000 had been made to the law firm of Swindle, Fox, and Kreip.

Swindle, Fox, and Kreip were not Petty Corporation attorneys.

A review of the canceled checks showed that they had been written and approved by Mary Boghas, the cash disbursements clerk.

Boghas's other duties included performing the end-of-month bank reconciliation.

Subsequent investigation revealed that Swindle, Fox, and Kreip are representing Mary Boghas in an unrelated embezzlement case in which she is the defendant. The checks had been written in payment of her personal legal fees.

Required:

a. What control procedures could Petty Corporation have employed to prevent this unauthorized use of cash? Classify each control procedure in accordance with the Committee of Sponsoring Organizations (COSO) framework (authorization, segregation of functions, supervision, etc.).

b. Comment on the ethical issues in this case.

Assignments-2 in one page

Q1. write a brief summary of the important concepts learned from above discussions and assignments. IMPORTANT Note: Please provide inline citation and references in APA reference for each separately.

Please note: NO AI and plagirsm please.