seaside case study

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You have a scheduled audit status meeting with your Audit Director. As you prepare for this meeting,
please incorporate the key points in response to the questions below into your status report presentation.

1. What was the primary objective of your audit?

2. What are the key controls established to mitigate the inherent risks in the following processes:
• Storeroom – Requisitioning, Ordering, Receiving, Picking, Physical Security
• Accounting
• Purchasing/Pricing
• System Access
• Key Metrics / Monitoring

3. What are the identified control deficiencies in the processes noted above?

4. What process changes would you recommend to improve the inventory controls and who should be
responsible for implementing the corrective actions?

5. What additional information or testing, if any, would you want to obtain or perform, respectively, to
determine the root causes for the variance?

6. Based on the initial results of your review, do you believe that the inventory variances are the result
of poor control techniques or the result of fraud? If fraud is suspected, who is most likely to have
committed the fraud and how was the fraud potentially perpetrated?

7. What recommended actions should be taken to reduce the risk of fraud within the storeroom process?
What entity-level controls should be considered to reduce the risk of fraud?

8. What are the recommended next steps to complete your audit and communicate the results?

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