Create an audit report with the findings being somewhere between $5,000,000 and $30,000,000 Include these items in the report: The area under audit where the finding occurred, The steps you undertook during the audit, The problem that was noted, the amount of the finding and the suggested accounting correction, The conclusion of the auditor as a result of the steps taken and the problem noted, and The corrective action necessary to prevent this problem from reoccurring.Here is an example of what it should look like.We undertook the audit of Froster College of Management last week. During, the course of audit of cash of the Institute, it was discovered that that the fees receipt book was not numbered. Moreover, while tallying the cash register with the fees receipt register, it was discovered that a number of fees receipts were not accounted for. We found around 10 such students whose fees were not accounted for. Fees for one such student was $5,000,000 and the total embezzlement amounted to $50,000,000. It was evident that the cashier was not accounting for few cash receipts and keeping the money in his pocket.One of the ways to curb this practice is use pre numbered receipt books. Moreover, it is recommended to have a strong system of internal control so that the same person is not responsible for receiving cash and accounting for it.
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