Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Internal Control Assignment You must pick a company (preferably one you have worked for) and write two paragraphs in Word. In the first paragraph, you

image text in transcribed
Internal Control Assignment You must pick a company (preferably one you have worked for) and write two paragraphs in Word. In the first paragraph, you write about a control activity that you observed in your business and categorize it using this list from the text about control activities: - Separation of duties (custody, recordkeeping, authorization, and reviewiverification) - Personnel policies (drug testing, screening of new employees, adequate and detailed training, competent supervision, mandatory vacations, written job descriptions) - Physical and electronic access controls for safeguarding assets (physical assets, information, and software) - Proper authorization - Adequate documents and records (control numbers, audit trail) These control activities are discussed briefly in the text (pp.75 through 78). Your coverage of the control activity should consist of categorizing it as one of the controls listed above, and then providing a thorough description of the control activity in your business, an explanation of what damage or risk to the business is avoided because of the control, and your evaluation of the effectiveness of your business's specific control. The second paragraph should focus on a weakness in the control activities of your place of work that you found. You can use the control you described above or a different one. You should indicate the type of control that is weak or missing, and then describe the weakness, what damage or risk the business is exposed to because of the weakness, AND your recommendation of what the company should do to correct the weakness. Feel free to keep your company's name secret or change it, if you want it to be confidential. Finally, your work has to be based on your actual experience with a business or company. Please submit your writing via Blackboard to the instructor by the due date

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Patricia A. Libby, Daniel Short, George Kanaan, Maureen Libby Gowing, Robert Libby

4th Canadian Edition

0070001499, 9780070001497

More Books

Students also viewed these Accounting questions