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

Preliminary evaluation of internal control, For each of the following indep...

For each of the following independent situations, state whether you agree or disagree, and briefly explain your answer. (a) Materiality is used only at the planning stage of the

Completeness of liabilities, Completeness of Liabilities In distortion...

Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern

General phases of control evaluation, General phases of control evaluation ...

General phases of control evaluation are: Phase 1: Understand and document • Understand the client's internal control • Document the understanding of internal control o

Explain Statutory Audit, Statutory Audit is a mandatory audit done by a CA....

Statutory Audit is a mandatory audit done by a CA. Finance Audit is conducted by the CA to compliance the legal supplies of monitory issues. If the audit for a business or an orga

ACC/492, An auditor is conducting an audit of the financial statements of a...

An auditor is conducting an audit of the financial statements of a wholesale cosmetics distributor with an inventory consisting of thousands of individual items. The distributor ke

Adjusting events - audit process, Adjusting Events - Audit Process Adj...

Adjusting Events - Audit Process Adjusting events are those such give evidence of conditions such existed at the balance sheet date as the settlement of a court case than the

Presentation and disclosure - audit process, Presentation and Disclosure - ...

Presentation and Disclosure - Audit Process Specific presentation involves presentation in accordance along with the suitable IFRS/IAS or International Accounting Standards.

Examples of specialists, Examples of Specialists Examples of specialis...

Examples of Specialists Examples of specialists or experts whose work may be relied upon include: For valuations such as land and buildings, machinery and plant,

Co-operative societies and parastatals, Co-operative Societies and Parastat...

Co-operative Societies and Parastatals Co-operative Societies An audit in this case is carried out as a general audit except you should notice that the auditor is appoi

Relevance of audit evidence, Relevance of Audit Evidence The relevance...

Relevance of Audit Evidence The relevance of audit evidence has to be determining in relation to the overall objective of forming a reporting and opinion on the financial stat

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