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ACCT 444 Week 4 Homework

ACCT 444 Week 4

ACCT 444 Week 4 Homework Copy and Pate below link into your Browser to buy tutorial ACCT 444 Week 4 Homework Chapter 10 10-33 (Objective 10-3) Following are descriptions of ten internal controls. 1. The company’s computer systems track individual transactions and automatically accumulate transactions to create a trial balance. 2. The company must receive university transcripts documenting all college degrees earned before an individual can begin their first day of employment with the company. 3. Senior management obtains data about external events that might affect the entity and evaluates the impact of that information on its existing accounting processes. 4. Each quarter, department managers are required to perform a self-assessment of the department’s compliance with company policies. Reports summarizing the results are to be submitted to the senior executive overseeing that department. 5. Before a cash disbursement can be processed, all payee information must be verified by matching the payee to the company’s approved vendor listing. 6. The system automatically reconciles the detailed accounts receivable subsidiary ledger to the accounts receivable general ledger account on daily basis. 7. The company has developed a detailed series of accounting policy and procedures manuals to help provide detailed instructions to employees about how controls are to be performed. 8. The company has an organizational chart that establishes the formal lines of reporting and authorization protocols. 9. The compensation committee reviews compensation plans for senior executives to determine if those plans create unintended pressures that might lead to distorted financial statements. 10. On a monthly basis, department heads review a budget to actual performance report and investigate unusual differences. Required Indicate which of the five COSO internal control components is best represented by each internal control. 1. Control environment 2. Risk assessment 3. Control activities 4. Information and communication 5. Monitoring 10-41 (Objective 10-7) The following are independent situations for which you will recommend an appropriate audit report on internal control over financial reporting as required by PCAOB auditing standards: 1. The auditor identified a material misstatement in the financial statements that was not detected by management of the company. 2. The auditor was unable to obtain any evidence about the operating effectiveness of internal control over financial reporting. 3. The auditor determined that a deficiency in internal control exists that will not prevent or detect a material misstatement in the financial statements.

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