auditing

2. An entity's internal control system is an important mechanism for ensuring reliable financial reporting, effective and efficiency operations and compliance with laws. i. Prepare an analysis of the control issues identified. Use the Committee of Sponsoring Organisation (COSO) framework to prepare the analysis and recommend practical solutions for the issues identified. ii. Identify three conflict of interest issues in the case. iii. What is fraudulent financial reporting? How did Worldcom cook its books? iv. What made the accounting irregularities identified in (iii) above so extraordinary