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

Reporting to the members-fraud suspection, Reporting to the members Exc...

Reporting to the members Except the faults and irregularities outcome in the accounts not giving an accurate and fair view, or do not conform to statute, or appropriate books h

Meaning of the auditing definition, Meaning of the auditing definition a)...

Meaning of the auditing definition a) Orderly and efficient manner: An organization which is run in an orderly and proficient manner is able to satisfy the requirements o

Records kept by auditor, Records kept by AUDITOR of procedures applied, tes...

Records kept by AUDITOR of procedures applied, tests performed, the information obtained and pertinent conclusions reached in the course of the AUDIT. (2) Any records developed by

Summary of ias 2, Summary of IAS 2 Inventories are measured at the low...

Summary of IAS 2 Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of busin

Advantage and disadvantage of judgmental sampling, Advantage and Disadvanta...

Advantage and Disadvantage of Judgmental Sampling The advantages of judgment sampling The approach is understood as well and has been refined through experience o

Assinment, what is the nature and scope of forensic auditing?

what is the nature and scope of forensic auditing?

Joint auditing, what is the role of a joint auditor

what is the role of a joint auditor

Simplified retirement plan, Simple Plans - An employer can adopt a simplifi...

Simple Plans - An employer can adopt a simplified retirement plan known as a SIMPLE Plan (Savings incentive match plan for employees) if it has fewer than 100 employees that receiv

Litigation and claims, Litigation and claims ISA 501 Audit Evidence -...

Litigation and claims ISA 501 Audit Evidence - Additional Consideration for exact Items requires such auditors should carry our process to become aware of any material litig

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