Contemporary Accounting Issues - Deficiencies in Wirecard Internal Control Systems

Assignment Task

Assessment 

This assessment aims at assessing students understanding and evaluation of contemporary accounting issues in today's business. The assessment will allow to enrich students' knowledge in this area and enhances their analytical skills. 

1. Identify and explain FIVE deficiencies in Wirecard internal Control systems; recommend a control to address each of these deficiencies and describe a test of control. You should perform to assess if each of these controls is operating effectively. Your answer MUST be structured as follows.

2. Critically discuss fraud risk factors (motive, opportunity, or rationalisation) that contributed to committing fraud, and assess the type of fraud committed. Your recommendation analysis should address the likely breakdowns in internal control that could have been improved to prevent this fraud? A minimum of 4 examples of fraud risk factors are required for this question. 

3. Critically evaluate the ethical issues faced by Wirecard's Accountants/Auditors. Your discussion analysis should address a minimum of 4 independence threats and should include recommendations on solving these issues with reference to of IESBA/ ACCA codes of ethics and action plans for the company where possible?

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