I need one response to each posting at least 75 words: 1. The Committee of Sponsoring Organizations of theTreadwayCommission (COSO) developed a model for evaluating internal controls which has been recognized as the generally accepted framework to monitor internal controls. The COSO framework includes five components: Environment Control, Risk Assessment, Control Activities, Information and Communication and Monitoring. Each component embodies the common thread of accountability to support a firms mission. According to AT&Ts 10K report, Section 9A describes the entitys mission to provide reasonable assurance in keeping the integrity and reliability of their published financial statements. AT&Ts design for managing internal control upholds the five component framework of the COSO. Independent auditors Ernest and Young, LLP second the notion of well managed internal control by way of giving the firm an unqualified report.

The success of the company speaks to the effective management of a firms internal controls. Its no secret that AT&T is leading in the industry of communication and have been for several years. By executing the COSO framework, various risks that the company may face can be identified and assessed routinely at all levels and in within all functions of the organization.

2.

Walmartstated in their reporting that they have internal controls in place in accordance with accounting principles generally accepted in the United States (Walmart.com, n.d.) After assessing their internal controls, they found them to be effective as of the date of the financial statements, which was January 31, 2016.

I think the internal controls will be effective if they are utilizing separation of duties, have employees that are qualified to perform their designated responsibilities, and have a system in place that requires proper documentation of financial transactions.

I would recommend that to improve their internal controlsif thisisntcurrently part of their policy, is to require employees who deal with financial reporting to take at least a week of vacation. Oftentimes, theft is discovered when someone is gone and another employee is required to do their job duties. Also, bank statements, payment registers, and payroll listings should all be reviewed to ensure that thereisntfraudulent activity. The top management needs to review financial statements on a regular basis and be able to understand what they are reviewing as well as watch for trends and changes in the data they are reviewing.

Walmartstated in their reporting that they have internal controls in place in accordance with accounting principles generally accepted in the United States (Walmart.com, n.d.) After assessing their internal controls, they found them to be effective as of the date of the financial statements, which was January 31, 2016.

I think the internal controls will be effective if they are utilizing separation of duties, have employees that are qualified to perform their designated responsibilities, and have a system in place that requires proper documentation of financial transactions.

I would recommend that to improve their internal controlsif thisisntcurrently part of their policy, is to require employees who deal with financial reporting to take at least a week of vacation. Oftentimes, theft is discovered when someone is gone and another employee is required to do their job duties. Also, bank statements, payment registers, and payroll listings should all be reviewed to ensure that thereisntfraudulent activity. The top management needs to review financial statements on a regular basis and be able to understand what they are reviewing as well as watch for trends and changes in the data they are reviewing.

Walmartstated in their reporting that they have internal controls in place in accordance with accounting principles generally accepted in the United States (Walmart.com, n.d.) After assessing their internal controls, they found them to be effective as of the date of the financial statements, which was January 31, 2016.

I think the internal controls will be effective if they are utilizing separation of duties, have employees that are qualified to perform their designated responsibilities, and have a system in place that requires proper documentation of financial transactions.

I would recommend that to improve their internal controlsif thisisntcurrently part of their policy, is to require employees who deal with financial reporting to take at least a week of vacation. Oftentimes, theft is discovered when someone is gone and another employee is required to do their job duties. Also, bank statements, payment registers, and payroll listings should all be reviewed to ensure that thereisntfraudulent activity. The top management needs to review financial statements on a regular basis and be able to understand what they are reviewing as well as watch for trends and changes in the data they are reviewing.

2.

Walmartstated in their reporting that they have internal controls in place in accordance with accounting principles generally accepted in the United States (Walmart.com, n.d.) After assessing their internal controls, they found them to be effective as of the date of the financial statements, which was January 31, 2016.

I think the internal controls will be effective if they are utilizing separation of duties, have employees that are qualified to perform their designated responsibilities, and have a system in place that requires proper documentation of financial transactions.

I would recommend that to improve their internal controlsif thisisntcurrently part of their policy, is to require employees who deal with financial reporting to take at least a week of vacation. Oftentimes, theft is discovered when someone is gone and another employee is required to do their job duties. Also, bank statements, payment registers, and payroll listings should all be reviewed to ensure that thereisntfraudulent activity. The top management needs to review financial statements on a regular basis and be able to understand what they are reviewing as well as watch for trends and changes in the data they are reviewing.