A client has an out-of-control system and a recommendation has been made to hire an internal accountant.
Write a recommendation brief of no more than 700 words for the client, justifying the benefits of using an internal auditor.
Concludeyour recommendation by referring a person for the job based on their background.
Leadership confronts you as a controller and questions the need for an internal control system.
Write a report of no more than 700 words, justifying the need for the system when controls are in place with insurance and portfolio approaches.
Explainwhy current approaches are valid but why an internal system will be more beneficial.
Preparea comprehensive checklist for evaluating internal controls.
Usethe checklist to outline phases of the control evaluation.
Submit the Learning Team proposal in the Main forum. Instructions below:
Design a proposal for the appropriate controls to cover the following areas:
Learning Team Assignment: Controls for Outflows
Design a proposal for appropriate controls to cover purchasing, accounts payable, cash disbursements, finance, investment, and payroll.
1. Individual Assignment:Controls for IT and Reporting & Evaluation
Imagineyou are a controller for a company.
Identifythe internal control reporting options.
Createcriteria against which the options can be evaluated.
Include internal controls for IT.
Please refer to Chapter 3, as one of your reading requirement in the Syllabus for Week 6 - Appendix 3.2 Aksarben Furniture Mart (AFM). Similar to the Appendix, Include the Internal control reporting options and then if you read the Prepaid Expenses BS01 Table, you should have a good idea to create criteria against the options that can be evaluated: Such as Sub-process, ID, Control activities, Test plan, etc...Explain each of these options for the criteria that you choose to write about.
Use this Appendix to help guide you on what I expect to see from your assignment. The best way to tackle this assignment is to choose one specific area in accounting to focus on. Example: Payroll
There should be an Overview paragraph and a Summary paragraph explaining the procedures for the specific concentrated area that you choose to provide a table on. It can be based on a real or fiction company. I will be grading on the how you would write a Policy and Procedures for a specific concentrated area thatcompiles the seven controls:
1. Control activities
2. Control framework
3. Test plan for testing the control
4. Test of operating effectiveness
5. Test of design
6. COSO framework components involved
7. Attributes of financial statement assertions
Depending on which specific concentrated area you decide to work on, not all these controls may apply. Let me know if you have any more questions.
This final assignment does not need to include references. However, if you provide definition or sources in your paper, you must credit the author and provide a proper Reference page formatted APA. There is no wordcount or page count, but I will grade base upon your understanding to covering the key points of this assignment.
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