Accounting Information System Greater Providence Essay

Open, View, and/or
Download this Document

Total Length: 650 words ( 2 double-spaced pages)

Total Sources: 2

Page 1 of 2

This would immediately flag the loans going outside their own bank and also provide greater insights into how customers were using funds over time. Another approach is to incent auditors to find fraud and embezzlement and make it widely known in the bank that anyone finding illegal practices would receive a reward up to 20% of the error found. Auditors, who are traditionally not paid that much, would work overtime looking for fraud, hoping to earn 20% of the fraud found, thereby drastically reducing the threat. While this may appear expensive, without this strategy a bank could go for years, losing millions of dollars, if no action was taken.

In the case study, it is apparent that Greater Providence Deposit and Trust auditors were not organized or incented in their job design and rewards to actively seek out embezzlement and fraud.

Stuck Writing Your "Accounting Information System Greater Providence" Essay?

View All Our Example Accounting Information System Greater Providence Essay

Have A Custom Example Essay Written

This is a major limitation in the design and operation of many auditing departments in financial services (Van Wijk, Holmes, 2007). A large part of why the auditors would not have found the fraud can be traced to the lack of control environment and complete disconnect between Section 404 of the Sarbanes-Oxley Act (SOX) of 2002 and the processes, procedures and controls in place. Unfortunately for many financial institutions, this is commonplace, with the disconnects between SOX reporting requirements and actual operations being completely different (Holtfreter, Beaver, Reisig, Pratt, 2010). For the Greater Providence Deposit and Trust, the only alternative was to delist themselves, go private, get their auditing and reporting processes and procedures more robust, and then attempt to stay in business by re-earning trust......

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Accounting Information System Greater Providence" (2011, October 22) Retrieved July 3, 2025, from
https://www.aceyourpaper.com/essays/accounting-information-system-greater-providence-46747

Latest MLA Format (8th edition)

Copy Reference
"Accounting Information System Greater Providence" 22 October 2011. Web.3 July. 2025. <
https://www.aceyourpaper.com/essays/accounting-information-system-greater-providence-46747>

Latest Chicago Format (16th edition)

Copy Reference
"Accounting Information System Greater Providence", 22 October 2011, Accessed.3 July. 2025,
https://www.aceyourpaper.com/essays/accounting-information-system-greater-providence-46747
   

Open, View, and/or
Download this Document
order custom essay example