Question
Given the description of the company, the industry, the accounting information system, and the internal control over financial reporting, identify weaknesses in the internal control
Given the description of the company, the industry, the accounting information system, and the internal control over financial reporting, identify weaknesses in the internal control over financial reporting. Also, be sure to relate the weaknesses to managements assertions contained in the financial statements. Because of managements request for feedback on the design of its overall internal control over financial reporting, in addition to assessing control activities, your assessment of weaknesses should include controls that make up the Control Environment, Risk Assessment, Information and Communication, and Monitoring. If the case does not contain enough information for you to assess some aspect of internal control over financial reporting, develop a list of questions that you would want to ask management so that you could gain enough information to make those assessments. You may find it helpful to organize your identified weaknesses around the 17 principles outlined in COSOs 2013 Executive Summary and your textbook.
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