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25 Jan 2018

Discuss the concept of internal controls and what it means tothe accounting profession. Why are internal controls important tothe integrity of an organization’s financial reporting? What is therole of a controller within an organization?

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Keith Leannon
Keith LeannonLv2
25 Jan 2018

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There are discussion about internal controls, and the impact onorganizations. Discuss your opinions on Sarbanes/Oxley impacts onthe economy, is it effective? If so why did we have anothereconomic event in 2008? Incorporate the Financial reporting Fraudarticles into your responses.

1. Explain what “internal controls” are and how they relate to the audit. What effect do internal controls have on the job of the independentauditor?Your answer should discuss the relationship between internal controls and the financial statements. In answering your questions, consider whether good internal controls contribute to the accuracy of financial statements. On the other hand, explore the possibility that financial statements can be accurate even if internal controls are poor. You may give an example of an internal control procedure.

2. Commonly misunderstood facts about a corporate audit of financial statements:

Terrible internal controls will result in a bad audit opinion.

A client that violates the law will result in a bad audit opinion.

A client that has a terrible business will result in a bad audit opinion.

In one or two sentences, explain why each of the following statements areuntrue.

Terrible internal controls will result in a bad audit opinion.

A client that violates the law will result in a bad audit opinion.

A client that has a terrible business will result in a bad audit opinion.

In addition to the textbook, you may want to take the multiple-choice quiz first. After you submit your answers I will provide you with the answer key. Then read the explanations to the answers, particularly on internal controls, to gain further insight.

subject -Accpunting information systems.

Question 2 – Internal Controls:
You have recently started in a new organisation as a FinancialAccountant. Part of this role involves supervising the GeneralAccounting Team. This team is responsible for the day to dayaccounting functions and period end reporting to management. Youhave early concerns about internal controls within the existingprocess. You have decided to undertake an initial internal audit ofthe General Ledger and Reporting process, specifically focusing onreliability, completeness and validity of the process. The scope ofthe investigation is to review:

a) Master file data
b) General Ledger Postings
c) Period End Postings
d) Reporting

Provide a 1,500 word business report to your manager,the Financial Controller, identifying potential internal controlrisks that may exist in each of the areas above (a-d). You mustalso recommend appropriate internal control measures to mitigatethe identified risks.

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