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Many companies have an internal audit staff to assess the adequacy of internal controls. Do you think your organization has an internal audit function? Or do you think your organization has outsourced this function to an external audit firm? Please include an explanation to support your answer.
Identify 6 principles of internal control. Give examples for each principle that might be observed when picking up pizza.
Evaluate an annual report of a publicly held corporation of your selection on the internet (not the General Electric annual report).
Each year since 2007, the accounting firm of Goode and Thuro was contracted to prepare audited financial statements for Family First Farm. Each year until the current audit, the CPAs did not find any discrepancies.
Is the evaluation and control process appropriate for a corporation that emphasizes creativity? Are control and creativity compatible?
Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.
Conduct a full situational audit of the Shangri-la hotel in Singapore and prepare a strategic plan for the next three years.
Summarize the primary purposes of an internal control system. What are the three internal control objectives for financial reporting?
Why is it important that an auditor make a second assessment of materiality at the conclusion of the audit? Who in the audit firm is generally responsible for making these assessments?
Many businesses receive most of their cash on credit sales through the mail. Suppose you own a business in which you must hire employees to handle cash receipts and perform the related accounting duties.
What potential risks may be present in this engagement? What specific auditing and accounting problems appear to exist? What additional information do you feel you need to know about the company? Do you believe the engagement should be accepted or re..
Describe how you would recruit for applicants for this position. You should consider internal as well as external candidates. What specific assessments would you use? Include names, sources, costs, psychometric properties and rationale. Use the int..
State the level of materiality as immaterial, highly material or material. If you cannot select the level of materiality, state the extra information needed to make a decision.
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