ACCTG456 Lecture Notes - Internal Audit, General Ledger, Control Risks

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Document Summary

Securimax limited (securimax) has been an audit client for kfp partners (kfp) for the past 15 years. Securimax is based in waterloo, where it manufactures high-tech armour-plated personnel carriers. Securimax often has to go through a competitive market tender process to win large government contracts. Its main product, the small but powerful terrain master, is highly specialized and securimax only does business with nations that have a recognized, democratically elected government. Securimax maintains a highly secure environment, given the sensitive and confidential nature of its vehicle designs and its clients. In september 2011, securimax installed an off-the-shelf costing system to support the highly sophisticated and cost-sensitive nature of its product designs. The new system replaced a system that had been developed in-house, as the old system could no longer keep up with the complex and detailed manufacturing costing process that provides tender costings. The old system also had difficulty with the company"s broader reporting requirements.

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