Develop an audit program to identify fraud using acl, Auditing

Assignment Help:

You are auditing Pell grant provided to students at six state universities. The Pell grant program is a federal financial aid program for college students. The maximum grant a student can receive during a school year is $3,125 with a maximum of $1,041.67 per semester and summer session. The amount of a grant depends on financial need and the number of credits taken (status). Students cannot receive a grant at two different schools during the same school term.

SSN: Social security number

Last: Students last name

First: Students first name

Middle: Students middle name or initial

School: School- Coded 1 to 6

Term: Coded 1 to 3

1- Fall semester

2- Spring semester

3- Summer semester

*Need: Financial need - coded 1 to 5

1- 100% of allowable grant

2- 75%

3- 50%

4- 25%

5- 0%

*Status: Credit taken - Coded 1 to 4

1-12 or more credits: 100%

2-9 to 11 credits 75%

3-6 to 8 credits 50%

4-3 to 5 credits 25%

Amount: Amount of grant for the term

Computation of grant $3,125/3 * Need * Status

For a full time student with maximum need:

$3,125 / 3 * 100% * 100% = $1,041.67

For a student with a code 3 need taking 9 credits

$3,125 / 3 * 50% * 75% = $390.63

Required:

1. Develop an audit program to identify potential fraud using ACL

2. Use ACL to perform the steps in your audit program. Turn in the following:

a. Your audit program referenced to the ACL printouts supporting each audit step.

b. A report on your finding including additional steps you would take to determine if fraud actually occurred

c. Appropriate ACL printouts properly indexed with comments written on the printout to explain the printout and its implications. Do not print out the entire grant file. Extract only the items of significance.


Related Discussions:- Develop an audit program to identify fraud using acl

Auditor, Auditor Further point to note is which modern companies can b...

Auditor Further point to note is which modern companies can be exclusively large along with multi-national activities.  So preparing accounts for that a group becomes a widely

What are the benefits of internal audits, An audit helps stay track of wher...

An audit helps stay track of where the currency or money is going and makes sure the money is going anywhere it is believed to and not in someone''s pocket. An audit may also help

Reference to expert in the auditor''s report, Reference to an expert in the...

Reference to an expert in the Auditor's Report When issuing an unmodified auditors report, the auditor should not refer to the work of the expert.  This is because such a refe

Tangible non current assets, Tangible Non Current Assets The verificat...

Tangible Non Current Assets The verification approach is fundamentally similar in each of these.  Extensive disclosure is utilized in most countries and IAS 16 Property Equipm

Auditors independence, Identify and explain FIVE risks to independence aris...

Identify and explain FIVE risks to independence arising in carrying out your audit

Fraud Risk Assessment, I need a 5 schedules like the sample on the attachme...

I need a 5 schedules like the sample on the attachment please follow the Instructions you will see in the instructions attachments 4 companies and you have to choose 5th one by yo

Auditor''s duty - audit process, Auditor's Duty - Audit Process The au...

Auditor's Duty - Audit Process The auditor has a responsibility to express a thought on the truth and fairness and compliance along with legislation, of the accounts. The valu

Statutory and non-statutory audit reports, Explain the purpose and content ...

Explain the purpose and content of a statutory audit report. Explain what recommendations you would make to the case study business Statuary and Non- Statuary audits In

Audit evidence, factors that influence auditors judgement on sufficiency of...

factors that influence auditors judgement on sufficiency of audit evidence

ACL Case 3, Sales are shipped FOB shipping point with credit terms n/45. Yo...

Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd