Discussion 1

IT Auditing" Please respond to the following:

· Predict at least two (2) areas where you believe that IT systems are most vulnerable to fraud. Based on your predictions, make one (1) recommendation that would prevent or detect such vulnerabilities.

· Imagine that you are a criminal working in the IT department of a large or small company. Create a scenario in which you attempt to breach the company's accounting system in order to commit fraud. Based on your scenario, recommend one (1) control that would prevent or detect your fraud. Support your recommendation with examples.


Discussion2

"IFRS and GAAP" Please respond to the following:

· Select a long-term asset or short term liability, and analyze the major way in which IFRS and GAAP differ on the accounting treatment of your chosen asset. Based on your analysis, take a position on which method is more effective in financial reporting. Support your position with at least two (2) examples.

· Debate it! The equity method of accounting is useful information for investors under either IFRS or GAAP.