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¶ … error detection and prevention in regards to regulatory issues and governance issues. With the advent of the internet, the use of spreadsheets and other data manipulation software has become widespread. The use of these forms of software has numerous implications for any business irrespective of size. For one, the ubiquitous nature of spreadsheet modeling allows it to be instantly transferred between end-users without any subsequent recreation of the original document. This allows multiple end-users to have access to the same spreadsheet without recreating it, thus saving time and increasing efficiency. Furthermore, spreadsheets modeling tools provide multiple solutions to multiple problems facing businesses. Excel, for example, can preform data mining tasks, what if analysis, and report generation. All of which provide a means for the end user to make better informed decisions therefore increasing profits and customer satisfaction.
Spreadsheets are not without their flaws however. As the article indicates, errors occur constantly in spreadsheet production. In many instances, these areas are transferred to other unsuspecting end users of the model. This compound effect creates widespread errors in the calculations and thus decision making of the end user. Even more prevalent, is the issue of fraud, as individuals will intentionally manipulate spreadsheets to achieve a desired effect. The detection and subsequent prevention of...
A person with desires to locate fraud must first comb though large amounts of information to simply pinpoint one mistake. More troublesome, the individual looking for the mistake may himself overlook aspects hidden within the spreadsheet causing the fraudulent financial information. As such, the prevention of such efforts is quite difficult (1).
This not only has a profound impact on the end user but by all stakeholders involved in the use of the financial information provided by the end user. These stakeholders include, audit firms, management, employees, customers, investors, and the government. In regards to investors, misleading spreadsheet information can have a profound impact on individual investing behavior. As the article stated, 80-95% of all U.S. based companies use spreadsheet financial reporting. Many of these financial statements contain mistakes that, as I mentioned earlier, are very difficult to detect. Therefore, investors are using misleading financial information that will subsequently cause them to make ill advised investing decisions. These decisions further effect the economy as money that could otherwise be used for honest companies is going towards fraudulent companies with misleading financial reporting standards. This will cause the fraudulent company to obtain financing…
References
1) "CIA - The World Factbook." Welcome to the CIA Web Site -- Central Intelligence Agency. Web. 16 Oct. 2010. <https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html?countryName=China&countryCode=ch®ionCode=eas&rank=128#ch>.
2) Jacobson, Anna-Liisa. "The new Chinese dynasty: how the United States and international intellectual property laws are failing to protect consumers and inventors from counterfeiting. " Richmond Journal of Global Law and Business. 7.1 (Wntr 2008): 45-63. LegalTrac. Gale. Florida International University. 29 Sept. 2010 http://find.galegroup.com/gtx/infomark.do?&contentSet=IAC-Documents&type=retrieve&tabID=T002&prodId=LT&docId=A177087358&source=gale&userGroupName=flstuniv&version=1.0
(Institute for Safe Medication Practices) Many medication errors by the patient occur because they do not know about the drugs they are taking. Nurses can help to identify these gaps and provide education and written materials for the patient. Medication errors could be greatly reduced if the patient was taught to: 1. Inform doctors of all allergies and any previous reactions to drugs 2. Ask the doctors and pharmacist about prescribed medications in
1500-Word Artefact Organization: Bank of England Fraud is intentionally deceiving a person such that he or she incurs a loss and the fraudulent person makes a gain. Instances of fraud can include misappropriation of funds or assets, inappropriate expenditures, fraudulent financial reporting etc. (Stephanie, 2008). A recent FBI statistic explores the extent of fraud in non-profit organizations. In its report, the FBI alleged that approximately 2,300 websites that solicited help for victims
Accounting and Intrusion Detection In a report issued by Paladin Technologies, Inc., entitled: "Security Metrics: Providing Cost Justification for Security Projects," 273 organizations were surveyed on the topic of security. The report illustrates in quantifiable terms the depth and reach of intrusion detection on the financial viability of the organization. The combined reported losses from the firms surveyed totaled $265.6 million in 1999. The highest loss categories were reported as follows: Type
The expectations gap occurs because many investors and policy makers expect auditors to detect all fraud, and if they do not, the auditors are presumed to be at fault." (Apostolou and Crumbley, 2008) The specific requirements of auditors are included in SAS 99 AU 31 and IAS 240 and in summary includes the following requirements: (1) Considering a company's internal controls and procedures, and how these are actually implemented, when
But an open system of prevention could be the alternative. It would subject the court or legislature to closer and public scrutiny (Robinson). President Lyndon Johnson's Commission on Law Enforcement and Administration of Justice was viewed as the single and most influential postwar American criminal justice policy (Coles and Kelling 1999). Its wisdom, contained the policy's main report, "The Challenge of Crime in a Free Society, published in 1967, swiftly
Stated to be barriers in the current environment and responsible for the reporting that is inadequate in relation to medical errors are: Lack of a common understanding about errors among health care professionals Physicians generally think of errors as individual that resulted from patient morbidity or mortality. Physicians report errors in medical records that have in turn been ignored by researchers. Interestingly errors in medication occur in almost 1 of every 5 doses