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Are sally actions a significant deficiency

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Reference no: EM13340498

Details: It has come to the CEO's attention that Sally, a company salesperson, grants the rights to wholesalers to return unsold product. He asks you to discuss the following at the next board of directors meeting:

• In the system of internal control, are Sally's actions a significant deficiency or a material weakness?

• Explain your reasoning and rationale.

Objective: •Develop an auditor report attesting to management's assertions regarding the effectiveness of internal controls and recognize situations that present potential ethical and legal issues and develop solutions for those issues.

 

Reference no: EM13340498

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