Case 6-1 Coursework Example | Topics and Well Written Essays - 1000 words

Case 6-1 - Coursework Example ce of bank loans by the branch manager, the internal auditor, and perhaps the state regulatory authorities, should make sure that authorization does not extend to recording and documentation or custody of funds. These should be performed by different employees or officers. The auditors will make sure that the branch manager, being the head of the office, does not override the internal control system in order to commit fraud. It will also ensure that the branch manager does not exceed his authorized limit of loans he can extend without head office or committee approval. The branch manager had physical custody of the checks, or had complete, unchallenged access to them, relating to the transactions he had authorized (the release of the loans). He signed the checks (custodial function) in addition to authorizing the loans. The discharge of these two duties by the same person made it possible for the fraud to happen: This was obviously a violation of the principle of segregation of duties within the internal control system. Moreover, the power of the branch manager over hiring and firing, as well as evaluating performance and promoting the employees, also served as a deterrent to the employees to question anything that the branch manager would want to do. In other words, the branch manager, being the top supervisor who was ipso facto not directly accountable to anyone at the bank branch, had absolute control over what took place in his branch relative to any loan or financial transactions. The trust reposed by subordinates on their superior officer is an obstacle to the disciplined application of any management control system, hence there is a need for an independent audit at certain intervals. The internal auditor should make not only regular audits but also surprise audits on the branch and examine all transactions, check and reconcile all records, and interview the employees on the processes and procedures they actually followed in carrying out their

AFA Essay Example | Topics and Well Written Essays - 250 words

AFA - Essay Example This apartheid regime passed the 1962 Sabotage Act in response to the constitution of militant units and increase in sabotage. According to Kithinji, the Act gave the justice ministry immense powers such that it could silence political activism and further condemn â€Å"communist agitators† to house arrest (240). Indeed, apartheid had devastating effects on the social lives of the people. This was further aggravated by the suppression of the opposition early in the 1960s as propagated by the apartheid rule. The 1959 Promotion of Bantu Self-Government Bill passed by the parliament allowed homelands to be completely independent states. This â€Å"independence† to the Bantustans was used by the apartheid regime to develop national consciousness in the groups it created as observed by Kithinji (241). The rights of the Africans continued to be held in the hands of the apartheid which maintained social control and propagated destruction. The banning of all forbidden organizations including the ANC, the Pan-African Congress and the South Africa Communist Party among others on 2 February 1990 was an indication of the readiness for national negotiations on the adoption of new political order according to Kithinji (245). A few resultant crises caused the regime to collapse. This included the prolonged socio-political instability which destabilized the economy and created structural weaknesses. This became apparent with the military involvement of South Africa in Angola in support of Jonas Savimbi’s rebel National Union for the Total Independence of Angola, UNITA which was in the fight to oust the leftist Popular Movement for the Liberation of Angola, MPLA government (Kithinji 244). Kithinji, Michael Mwenda. â€Å"Apartheid in South Africa.† (Re) Tracing Africa: A Multi-Disciplinary Study of African History, Societies, and Cultures. Eds. Salome