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

Prepare a memo to the audit work of a firm, Case Study: Hide-It (HI), a...

Case Study: Hide-It (HI), a family-owned business based in Tombstone, Arizona builds custom homes with special features, such as hidden rooms and hidden wall safes. Hide-It has

Annotated bibliography, Conducting a critical review of published literatur...

Conducting a critical review of published literature about a topic is fundamental step in developing your research skills. A first step towards a review of the literature is to sea

Goodwill, How would you value the Goodwill

How would you value the Goodwill

Different functions of internal audit, The function of internal audit is co...

The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of every employee. All employees are given jobs on the basi

Debtors - audit process, Debtors - Audit Process Considering that what...

Debtors - Audit Process Considering that what we have gone by on the other assets the audit work to check the figure of trade debtors should be follows as: 1) Get a schedul

Permanent audit file, Permanent Audit File The permanent audit file mi...

Permanent Audit File The permanent audit file might involve, inter alia: a) A copy of the enterprise's statutes or statutory documents and other legal governing the enterpr

Audit of the financial statements of e limited, An audit team is currently ...

An audit team is currently engaged in planning the audit of the financial statements of E Limited as at 30 June 2011. This was the first accounting period during which all the tran

Medical billing and coding, I need help with my homework for medical billin...

I need help with my homework for medical billing and coding can you help?

Advantages and disadvantages of joint audits, Advantages and Disadvantages ...

Advantages and Disadvantages of Joint Audits The general disadvantages and advantages of joint audits as: Advantages 1. All fees and work are welcome to audit firms. 2. A

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