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Scenario: You are an accountant at a local CPA firm that is auditing the accounting records of XYZ 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.
Questions:
- Identify the limitations of the internal control system. Provide at least 2 limitations.
- Provide at least 3 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.
You will then be required to audit cases available on FLECS Blackboard or 20 hospital records.
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Classify the main account or group of accounts affected by this risk in the audit plan.
You will be required to obtain/study annual reports of companies in the industry
The profession has argued for decades about the advisability of mandatory reporting on internal control by public companies and by governmental entities. In the 1970s and 1980s,
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Prepare a memo on the 'state of the company's industry' and associated risk factors.
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