BISM7209: Asset Safeguarding and Control System Essay - IT Assignment Help

Assignment Task:

The story, below, from The Northern Star, a newspaper based in Lismore Northern NSW summarises a fraud carried out over an extended period by the CEO and an administrative assistant at the Casino-Boolangle Local Aboriginal Land Council. The investigation by ICAC, Operation Nestor, eventually led to the two officials being charged with offenses. 

Aims: This assessment is designed to achieve two aims. The first aim is to help develop your understanding of control systems. The second aim is to further your
understanding and appreciation of the importance of controls to achieve the organizational goal of asset safeguarding. (BISM7209)

Explain briefly controls that you would suggest that could have helped avoid this type of fraud

For each suggested control, explain whether it is preventive, detective, and/or corrective in nature:

Preliminary information: While on a trip to Byron Bay in 2017 you remember reading this article in the “Star” as it’s known locally. More recently you have gained an internship at Lighthouse Beach Surf Lifesaving Club Supporters Association (forthwith referred to as Lighthouse Beach Supporters) helping with its financial administration. Having completed a course in Accounting Information Systems you are aware of the importance of, and are familiar with, controls to prevent such frauds. Recalling the story in The Northern Star, you see many parallels between the Casino-Boolangle LALC and Lighthouse Beach Supporters. Both are not-for-profit organizations, both seek to further the interests of their, respective, communities, both have CEO and part-time administration assistants, and both have Boards that possess "limited financial management skills and lack of management experience…”. Recognizing the potential for fraud existing at Lighthouse Beach Supporters, you approach the Association’s President and Vice President raising your concerns. You are also able to find the article on The Northern Star’s website and show it to the President and her Vice President. The President immediately understands the potential for fraudulent activity to occur and wants to know what can be done to stop a similar situation happening there. 
You tell the President that you will read the ICAC report on Operation Nestor and will develop a briefing for the Board members summarising the fraud that took place at the Casino-Boolangle LALC. In addition, your report will summarise the fraud’s tangible and intangible costs to Casino-Boolangle LALC, the Casino-Boolangle LALC’s control problems, the type of controls Lighthouse Beach Supporters should implement, and whether the controls you suggest are preventative, detective, or corrective. At the same time, however, you need to make sure the Board members understand the threats that poor, weak, or non-existent controls pose to Lighthouse Beach Supporters. 
Almost all of the Board members have no background in Accounting Information Systems, in fact, most members of the Board are truck drivers, electricians, plumbers, and one is a crane driver. Needless to say, they have little understanding of the controls. As a result, your briefing must be well researched, concisely and clearly written, accurately referenced, and, very importantly, use non-technical terms. Your briefing should highlight the similarities between Lighthouse Beach Supporters and Casino-Boolangle LALC, providing brief examples of the fraud to ensure the Lighthouse Beach Supporters Board members understand the nature of the fraud. Further, the higher the quality of your presentation, the more likely the President, Vice President, and Board members will view you as an excellent candidate for the CEO position (the current CEO has indicated his intention to retire at the end of the financial year). In short, the spelling, grammar, and writing in the briefing must be to the highest standard.

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