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Ramero Case Study: You have been delegated by the board of directors of Ramero C

Ramero Case Study: You have been delegated by the board of directors of Ramero Company to assess and evaluate the company’s degree of compliance with the UK code of corporate governance, effectiveness of its internal control system as well as the susceptibility of the company to fraud risks. The company manufactures and sells food and beverages and has been in industry for about five years now. You held a series of meetings with some of the company’s key personnel to get an idea about the company’s internal control system and operating style. You also had a tour in the company’s premises to observe the working environment. Case Study Questions: 1. Identify 10 circumstances where Ramero Company did not comply with the UK Code of Corporate Governance and explain the impact of non-compliance on the company’s performance or success. For every case you need to mention how the company violated the Code (i.e. evidence from the case is required), which part of the code was violated (i.e. you need to refer to the exact provision of the code as evidence, the provision number and the principle number) 2. Identify 10 weaknesses in Ramero’s internal control system from the case, explain why you think it is a weakness, which internal control component in COSO framework was not complied with and justify your answer. In case of non-compliance with either the control environment or the control activities control components, you also have to mention the specific control components that was missing in either the control environment or the control activities 3. Assess fraud risks at Ramero Company by identifying 5 circumstances from the case that might increase the risk of internal fraud at the company, explain why you think each case can increase the risk of internal fraud, state which type of internal fraud is more likely in each case and why. 4. Offer 5 recommendations to Ramero company on how to reduce control risks 5. Offer 5 recommendations to Ramero company on how to reduce internal fraud risks

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