Financial Investments

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4 Terms

1
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Inadequate accounting manual; incompetent accounting personnel.

Error: Failure to record changes in market values of investments.

2
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Ineffective board of directors, audit committee, or internal audit function; Not conducive to ethical; undue pressure to meet earning targets. 

FRAUD: Misstatement of the value of closely held investment. 

3
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Inadequate segregation of duties of record keeping for and custody of securities.

FRAUD: An employee with access to securities converts them for personal use. 

4
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Inadequate accounting manual, incompetent accounting personnel. Inadequate monitoring by internal auditors. 

ERROR: Failure to record derivative agreements which are embedded in other agreements.