The paper "Assurance and Forensic Accounting" is a great example of a finance and accounting assignment. Cyber attacks on the IT systems at D-Merton had increased considerably although none had been successful. This had created anxiety among the senior management at the company, who were concerned that such occurrences might influence the revenues and future profitability of their company. This anxiety was heightened by the forthcoming launch of their latest system, the S1D in the backdrop of security concerns about the previous versions of the system. The organization commissioned to test the S1A, S1B and S1C systems were the same one that undertook the designing of the defences of the systems.
As such, the organization may have lacked objectivity in the assessment of the risks and may have even withheld vital information that would have compromised its future engagements with D-Merton. This may also have exposed the employees and managers in the company to temptations to furnish positive reports that were devoid of any indications of risk, thus pacifying the executives of D-Merton, albeit falsely. The controversy revealed by investigations indicated that all the 3 systems that had been rolled out earlier had and were linked by the orange peel paraboloid, which was baffling.
The worry was that if there were security concerns with the previous systems, then any new systems released by D-Merton would face market entry challenges because they would carry with them the same security concerns. However, the accounting department had released the revenue forecasts of the company associated with the performance of S1A market, which was thought to be overstated Conflict of interest with Premintel, the firm providing intelligence reports, was eliciting concerns because a relative of one of the board members (Richard) worked there, although she is said to have resigned.
However, Richard’ s brother in law remained a director of the company, making Premintel a related party. In addition, and audit that ran pen tests had revealed 50 serious flows in the defences of all the systems utilised in the group, thus presenting a high risk of loss of intellectual property. Further, the IT systems employed at the company were fragmented (4 systems with different levels of protection), which enhanced the risks of cyber attacks on them
Cook, H, Preiss, B & Timna Jacks, T 2017, ‘IBAC finds disastrous Ultranet project for schools was a ‘corrupt’ shambles’. The Age. viewed 6 May 2017. http://www.theage.com.au/victoria/ibac-finds-disastrous-ultranet-project-for-schools-was-a-corrupt-shambles-20170126-gtzr67.html.
Doyle, J 2015, Digital Dashboard: Status Review of ICT Projects and Initiatives. Victorian Government Printer.