Question
A company has identified the following risks and controls: Risk Control Inventory theft Physical inventory counts Cash embezzlement Segregation of duties Data breaches IT security
A company has identified the following risks and controls:
Risk | Control |
Inventory theft | Physical inventory counts |
Cash embezzlement | Segregation of duties |
Data breaches | IT security measures |
(a) Describe the purpose of internal controls. (b) Evaluate the effectiveness of the identified controls. (c) Recommend additional controls for each risk. (d) Discuss the role of internal controls in financial reporting.
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Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th edition
1118096894, 978-1-11921511, 978-1118096895
