Determine the limitations of internal control system give

Reference no: EM13390546

You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.

Identify the limitations of the internal control system. Provide at least 3 limitations.
Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
Identify symptoms of a lack of internal control.
Explain the impact of the missing journal entry on the financial statements of the company.

Reference no: EM13390546

Questions Cloud

Why do you think project management skills are lacking in : in 2010 the space shuttle program will be discontinued and thousands of nasa engineers and scientists will be affected.

What decision criteria should managers use in selecting : 1.what decision criteria should managers use in selecting projects when there is not enough capital to invest in all

I you do produce that fth widget find average total cost : you produce widgets. currently you produce 4 widgets at a total cost of 40.a what is your average total cost?b suppose

Laboing produces springs that are categorized as either : laboing produces springs which are categorized as either acceptable or defective during a period in which the

Determine the limitations of internal control system give : you are an accountant at a local cpa firm that is auditing the accounting records of abc company. you have been asked

Find the minimum efficient scale for firm run by average : consider an industry in which chief executive officers ceos run firms. there are two types of ceos exceptional and

Use the data above to compute x and r and make the : anderset labs produces rough lenses that will ultimately be rounded into precision lenses for use in lab equipment. the

Find rons short-run supply curve assuming that if produces : rons window washing service is a small business that operates in the perfectly competitive residential window washing

In classifying transactions which of the following is true : 1 which financial statement is used to determine cash generated from operations?2 in terms of sequence in what order

User Account

All Pages