Explain the role of internal control in financial reporting

Reference no: EM131332612 , Length: word count:2200

Accounting Systems and Assurance Assessment: Internal Control and information quality

Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to the quality of accounting information. Internal control is one of the factors that enhance financial reporting integrity leading to the quality of accounting information of a firm. Toshiba, a 140-year old Japanese company, was recently accused of providing misleading information of its earnings. This gives rise to questions about the deficient role of Toshiba's internal control.

Required:

(i) Undertake a review of literature to define internal control and explain the role of internal control in financial reporting integrity. Refer to at least 4 academic journal articles.

(ii) Write a brief history of Toshiba.

(iii) Investigate and explain the internal control issues leading to misleading information of Toshiba's earnings.

(iv) Using your knowledge of different internal control frameworks, explain what you would suggest for effective internal control for assuring the quality accounting information to stakeholders.

Reference no: EM131332612

Questions Cloud

What is the book value of the equipment at end of january : The Sample Café nearly broke even in the first month of business. Below is a summary of revenue and expenses for January. What is the book value of the equipment at the end of January?

Describe the current state of your field : Some items to look for and include in your final research report are listed below. Select some or all of the sites below to begin your search and to find information about your field--information related to your present or future occupation. This ..

What is probability that player ii describes to the event a : Suppose that Player I announces the probability you calculated in item (a) above. How will that affect the probability that Player II now ascribes to the event A?

Cash balances as a result of implementing lockbox system : It takes Cookie Cutter Modular Homes, Inc., about six days to receive and deposit checks from customers. Cookie Cutter’s management is considering a lockbox system to reduce the firm’s collection times. What is the reduction in outstanding cash balan..

Explain the role of internal control in financial reporting : ACCT19066 -Accounting Systems and Assurance Assessment: Internal Control and information quality. Undertake a review of literature to define internal control and explain the role of internal control in financial reporting integrity. Refer to at lea..

What is a critical value : "What is a critical value? How is the critical value determined? Are there differences between the standard normal table and the student t table when trying to determine the critical value? Explain."

Which would you choose and why is that the best fit : After your negotiation and transaction with Mr. Barker, you start to realize that this could be a lucrative business. Your mother has been bugging you for months to get rid of all of the other children's meal toys that you collected over the years..

Assuming straight-line amortization of the discount : (1) Make the entry to record the partial refunding. Assume Jenks Co. makes reversing entries when appropriate. (2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount

Putting measurement to work : This exercise gives you the opportunity to develop a measurement strategy of your own. 1. Identify an area of the social sciences you know something about (aging, marriage and the family, crime and criminal justice, social problems, social class, a..

Reviews

len1332612

12/29/2016 2:43:40 AM

Present your assignment in a report format with an executive summary, a conclusion and appropriate references in addition to your responses to the above three requirements. Your assignment will also be marked based on grammar and proper use of punctuations.

Write a Review

Required(*) Message

User Account

All Pages