AYB115 Assessment 1

Week 4: Overview and introduction to the Australian Legal Framework (Lawyers, n.d.) Being a forensic accountant, you must be familiar with the Australian Court Hierarchy and understand basic differences in Civil and Criminal Law. Having basic knowledge of criminal law is as simple as knowing the state is responsible for prosecution whereas in civil law the person claiming they’ve been harmed will initiate a civil action.  Looking into ASIC v VINES, we saw Mr. Vines, a former GIO officer, chartered accountant, and CFO for the GIO group. It was here Mr Vines was charged with breaching four different provisions of corporate law. Being a big case, we won’t go too deep into it but basically Mr. Vines was accused of knowingly issuing inaccurate forecasts someone in his position should be aware of between 1998-99. This resulted in the Supreme Court becoming aware in 2005 and disqualified Mr. Vines for 3 years and he was ordered to pay a penalty fee of $100,000. His charges came down to brea

  Week 3: IT Governance and Management Responsibility Technology plays a vital role in managing information for all enterprises, from creation to destruction, technology serves as a crucial resource in containing, distributing and analyzing information ( COBIT 5). However, technology comes with risks, viruses, identity theft, worms, hackers and many more issues come along with technology in enterprises. In order to combat these risks, enterprises need information security to ‘protect against disclosure to unauthorized users, improper modification and non-access when required’ ( COBIT 5 ). COBIT 5 provides insight and guidance into information security with the enablers below. ( 4 TYPES OF DATA BREACHES TO KNOW IN 2022, 2022 ) Principles, policies and framework Processes Organizational Structures Culture, ethics and behavior Information Services, infrastructure and applications People, skills and competencies Risk is a constant aspect enterprises are measuring and assessing, this is

(Lane, 2014)             Week 2 - Governance Issues & Fraud Governance does not protect an organisation against corruption, fraud and bribery, there are many factors that attribute to this.  COBIT 5 is an IT management toolset by ISACA, providing a business view of IT governance, ensuring control over information and meeting audience  requirements. Governance evaluates stakeholder needs and sets direction. Management plans, builds, runs, and monitors activities aligned with governance to achieve objectives. Both are crucial for organizational effectiveness ( NUSSBAUMER) . COBIT 5 works through addressing the 5 principles, meeting stakeholder needs, covering the enterprise end-to-end, applying a single integrated framework, enabling a holistic approach, separating governance from management ( BERNARD, 2012 ).  (Group, 2022) In recent times we’ve seen cyber-attacks on a large scale, these being targeted at Optus, Medibank, Telstra and more just in the last year. I read a report about