Question In the first prosecution of its kind, Poh Heng Jewellery was fined S$9,000 on Tuesday (Aug 11)after its representative pleaded guilty to one count of failing to submit a cash transaction report for a single cash transaction exceeding the prescribed amount of S$20,000 The cash transaction reporting regime is part of Singapore's effort to strengthen our anti money laundering framework , she said, and a key message should be sent that the courts will mete out a harsh punishment for non compliance Poh Heng's managing director Chng Hwee Siang told CNA in a statement after the hearing that Poh Heng has been running its business with a strict code of conduct and ethics While all employees were inducted with the company's (standard operating procedure) SOP and policies, we believe that we are still responsible for the oversight in reporting the cash transaction in question , said Madam Chng Required What is the key focus purpose of the essay, i e identify that the report is a discussion on the objectives and benefits of internal controls in organisations You will also apply your knowledge on internal controls to evaluate the possible reasons contributing to the cash reporting lapses at Poh Heng Jewellery Provides overview of current issues pertaining to internal controls and its major components These include the control environment, entity's risk assessment process, information system (including the related business processes, control activities relevant to the audit, relevant to financial reporting, and communication) and monitoring of controls Analyse the benefits of implementing robust internal controls in organisations Discussion should also encompass the exposures that organizations face today, which includes computer related frauds and how internal controls can mitigate reduce risks of material misstatements Highlight latest developments or recent case studies illustrating the concepts or principles Please ensure that the references are appropriately cited and presented in the references list Evaluate the possible reasons contributing to the lapses at Poh Heng Jewellery Quote relevant case studies and examples to support discursive arguments Provide an informed conclusion which is justified by supporting arguments in your report

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Question In the first prosecution of its kind, Poh Heng Jewellery was fined S$9,000 on Tuesday (Aug 11)after its representative pleaded guilty to one count

Question

In the first prosecution of its kind, Poh Heng Jewellery was fined S$9,000 on Tuesday (Aug 11)after its representative pleaded guilty to one count of failing to submit a cash transaction report for a single cash transaction exceeding the prescribed amount of S$20,000.

The cash transaction reporting regime is part of "Singapore's effort to strengthen our anti-money laundering framework", she said, and a key message should be sent that the courts will mete out a harsh punishment for non-compliance.

Poh Heng's managing director Chng Hwee Siang told CNA in a statement after the hearing that Poh Heng has been running its business "with a strict code of conduct and ethics".

"While all employees were inducted with the company's (standard operating procedure) SOP and policies, we believe that we are still responsible for the oversight in reporting the cash transaction in question," said Madam Chng.

Required

What is the key focus/purpose of the essay, i.e. identify that the report is a discussion on the objectives and benefits of internal controls in organisations. You will also apply your knowledge on internal controls to evaluate the possible reasons contributing to the cash reporting lapses at Poh Heng Jewellery.

Provides overview of current issues pertaining to internal controls and its major components. These include the control environment, entity's risk assessment process, information system (including the related business processes, control activities relevant to the audit, relevant to financial reporting, and communication) and monitoring of controls. Analyse the benefits of implementing robust internal controls in organisations.
Discussion should also encompass the exposures that organizations face today, which includes computer related frauds and how internal controls can mitigate/reduce risks of material misstatements. Highlight latest developments or recent case studies illustrating the concepts or principles. Please ensure that the references are appropriately cited and presented in the references list.
Evaluate the possible reasons contributing to the lapses at Poh Heng Jewellery. Quote relevant case studies and examples to support discursive arguments.