ACCT XXXXXXXXXXACCOUNTING SYSTEMS AND ASSURANCE Assessment 2 - Term 3, 2017 Due Date Week 9 Monday (15 January XXXXXXXXXXPM (AEST) Written Assessment Report Weighting 20% Length 2,000 words Submission...

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ACCT19066 - ACCOUNTING SYSTEMS AND ASSURANCE Assessment 2 - Term 3, 2017 Due Date Week 9 Monday (15 January 2018) 11.59 PM (AEST) Written Assessment Report Weighting 20% Length 2,000 words Submission Online (individually or in a group of 2 to 4 members) If done in a group: (i) one student must submit assignment report with a cover letter stating group members’ name and student IDs and (ii) other members of the group need to submit the cover letter only Font size Word document with font size 11 or 12 File type First Name-Student ID (e.g., Kazi_s010001) Internal control and financial fraud Accounting, management and criminology researchers continue to suggest the importance of effective internal control to detect and prevent fraud in organisations. While studying Accounting Systems and Assurance unit, you will learn about various types of fraud and internal control measures. The following links unfold enormous attention from the media, politicians and regulators about internal control weaknesses and a multi-million-dollar financial fraud in Queensland Health in the recent past. http://www.abc.net.au/news/2011-12-09/man-suspected-of-queensland-health-fraud/3723238 http://www.ccc.qld.gov.au/research-and-publications/publications/misconduct/qhealth/qhealth Requirements: (i) Undertake a review of literature to explain the importance of internal control for detecting and preventing fraud in organisations. Use 4 relevant journal articles to develop your answer. Download the journal articles through CQUniversity databases. (ii) On the basis of the facts stated in the media and documents in the above links, discuss internal control weaknesses in Queensland Health which failed to detect and prevent a multi-million-dollar financial fraud prior to its occurrence. (iii) Identify and explain an internal control framework or a combination of internal control frameworks that could have prevented financial fraud or reduced the possibility of financial fraud in Queensland Health. (iv) Accounting disciplines at some universities are teaching AIS as a core or as an elective course while a few universities decided not to teach AIS even as an elective unit at undergraduate level. On the basis of your understanding of AIS and the knowledge gathered from this assignment, develop your arguments (positive or negative) regarding the importance of studying an AIS unit at undergraduate level as a core or as an elective course. Grade the importance of studying an AIS unit from 0 to 5 (e.g., 0, 1, 2, 3, 4 or 5; where 0 means not important at all and 5 indicates the highest importance). This assessment is linked to Modules 1, 4 and 5 (chapters 1, 5, 6 and 7 of your text book). Presentation: Present your assignment in a report format as per the criteria stated below. Template and Marking Criteria Main contents Guidelines Marks Executive summary Key topic and the key points what you found (Write in maximum half a page) 1 Introduction Road map to your entire report starting what you searched and how you planned/progressed (Write in maximum half a page) 1 Literature review Requirement (i). (Write in approximately 600 words) 3 Internal control weaknesses in Queensland Health Requirement (ii) (Write in approximately 900 words) 6 Internal control framework/s that could prevent financial fraud in Queensland Health Requirement (iii) (Write in approximately 350 words) 3 Importance of studying an AIS as a core or an elective unit Requirement (iv). (Write in approximately 150 words) 2 Conclusion Wrapping-up stating what was your purpose, how you responded to the four major requirements and what you suggest based on what you learned from this assignment 1 References Appropriate references both in the text and in the list as per APA guide 2 Quality of English Correct grammar/punctuation 1 Total 20% of the course 20 marks Flexibility: If necessary, a student can use maximum 200 words more in excess of 2000 words (wherever necessary) to write answers for requirements (i), (ii), (iii) and (iv). Note: (i) This assessment requires your opinion regarding the importance of studying AIS. Your opinion cannot be used for research purposes until and unless there is ethical clearance from CQUniversity.