Explore BrainMass
Share

Sources, ethical issues, solutions: internal control audit

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

The CEO of your company has asked you to help prepare for the upcoming company audit. One of the items the CEO has asked you to do is suggest a number of sources in which you could get information that would be needed to prepare the description of internal control in the audit working papers.

Prepare a memo that you will present to the CEO in which you do the following:
Suggest the sources from which you can obtain information that would be needed to prepare the description of internal control in the audit working papers.
Explain what potential ethical and legal issues could be presented if these sources are not found.
Develop solutions for those issues.

** I just want some examples of the sources, ethical and legal issues, and solutions, and some direction of references please.

© BrainMass Inc. brainmass.com October 25, 2018, 9:06 am ad1c9bdddf
https://brainmass.com/business/business-philosophy-and-ethics/sources-ethical-issues-solutions-internal-control-audit-564072

Solution Preview

Internal controls are the designed process and procedures both at the entity-wide and the transaction level to safeguard assets and accounting transaction data, increase the changes that any errors are found and fixed quickly and that all activities are authorized and lawful. So, to describe this system, the auditor would do many things such as:

1. Ask the client ("inquiry") , usually through a series of extensive questionnaires
2. Read the corporate governance and code of ethics documentation (entity-wide tone at the top and entity-wide procedures)
3. Review ...

Solution Summary

Your discussion is 309 words and three references and gives six sources of information and several examples of ethical and legal issues. A solution is mentioned.

$2.19
See Also This Related BrainMass Solution

What are some areas that might require internal controls at your organization?

What are some areas that might require internal controls at your organization? How does the Sarbanes-Oxley Act of 2002 affect the preparation and control of financial statements? Why can't ethics replace internal controls?

View Full Posting Details