Internal Accountant's Report

Internal controls Report
Jessica Weber
La Toyia Tilley
January 9, 2012
University of Phoenix



Internal Accountants Report
The impact of occupational fraud and abuse on the keep company
Occupational fraud and abuse is a form of rottenness that is used to better ones personal feeler by either deliberately misusing or by embezzlement of his or hers employers assets or resources. The three of import factors of occupations fraud and abuse be greed, wages in kind, and exuberant expectations (Wells, 2011, pp. 419-420). Occupational fraud and abuse can cause the company to have a devastating effect by losing millions of dollars, detrimental the companys reputation, and can cause the companys management to look like they lack the ability of doing their job.
U.S. political oversight of account fraud and abuse and its affect on the company
Ever since the recent business failures such as Enron, orbicular Crossing, WorldCom, and many others (Latshaw, 2003, p. 13), the U.S. government has been forcing stricter rules and regulations on companies and auditors with the use of the Sarbanes-Oxley Act. There are several restrictions that the Act has for the accounting profession.



The first being the psychiatric hospital of the Public Company Accounting Oversight Board (PCAOB), which is make up of five members that are completely independent of the accounting profession (Latshaw, 2003, p. 13). This board has the power to inspect auditing operations of unexclusive accounting firms, and to set and enforce auditing, attestation, quality control and ethics standards for public company auditors (Latshaw, 2003, p. 13). Another restriction is that the Act besides lists several consulting services that are now considered to be banned:
bookkeeping
information systems design and implementation
appraisals or valuations services
actuarial services
intrinsic audits
management and human resources services
broker/dealer and investment banking services
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