Instructions: Answer all three questions adequately. Support your answers with quotes from scholars' publications and other articles. Limit your answer to between a page and half and two pages per question (single space). Express your opinion on the subject of the question in a separate paragraph that should be titled "My Opinion". Show your references at the end of your answer to each question. E Mail your answer to the instructor.
Money laundering is one of the major problems that the US is working on minimizing or eliminating it. Corporations are being used to facilitating the process of money laundering to serve as contribution to illegal entities.
Briefly, describe the process of money laundering. Propose three controls that will help the internal auditor to detect and/or prevent money laundering.
A long time ago, auditors use to conduct a "Surprise Audit". This means that the auditor will show up at the auditee's office to conduct an audit, and the auditee has no choice but to submit to the auditors. In today's environment, the auditor informs the auditee several weeks before the audit starts, and giving the auditee exactly the areas that will be audited. The auditee has adequate time to "clean up the records" and hide all the "skeletons".
Discuss the pros and cons of both methods (surprise audit method and pre audit notification method also referred to as planned audit) and determine which method you prefer and why?
In today's electronic environment, most of the manual/traditional methods and concepts of internal audit have changed. For example most of the evidences are now in an electronic format.
List and discuss the most important advantages and disadvantages of the electronic era as they relate to audit evidences.