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Internal Control

?Research current periodicals and journals (between 2005 and 2007-published year,)
: You pick one article related to Internal Control. -> not too long article
?Prepare your summary (2 pages ->see below) based on your research.
(You need to consider the summary contents as the form of presentation skills)

You have to attach original article and your summary.

o Briefly introduce the topical area of interest.
o Identify the relevant articles and summarize the issues you have identified based on your research.
o Discuss how these issues relate to the course topic.
o Provide your assessment of the issues you've identified. For example,
 What are the implications for auditors, regulators, managers, shareholders and the general public?
 Would you do anything differently than the actions proposed or taken by the individuals or groups you've identified?
 Are there any unresolved issues or questions that remain unanswered? If so, how would you address them?

(Note: Not all of these questions will be applicable to every topical area of interest)

? Submit a copy of your summary materials and the article.
? Topic of choice is very important, this is current interesting or new issues related to Internal Control-> I usually want to pick one-> easy to understand/interest in articles. Sometimes even though the publication date of the article is current, the article presents examples of historical audit failures,change,stories, and problems etc. This is usually not the intent of the assignment.

Solution Preview

o Briefly introduce the topical area of interest.
The topic of interest is internal control. This is a process in an organization that is devises to give assurance regarding the achievement of its primary objectives. In particular these processes ensure that the company's policies are implemented and its assets are safeguarded.
o Identify the relevant articles and summarize the issues you have identified based on your research.
The article identified is "Major revision planned for Sarbanes-Oxley" the URL of the article is http://weblog.infoworld.com/realitycheck/archives/2007/05/major_revision.html
o Discuss how these issues relate to the course topic.
The Sarbanes Oxley Act of 2002 is a US federal law passed in response to a number of major accounting scams like WorldCom and Enron. To regain public trust this legislation was formed that establishes new and increased standards for all US public companies. Currently auditing Standard No 2 of Public Company Accounting Oversight Board applies to internal control procedures.
o Provide your assessment of the issues you've identified. For example,
 What are the implications for auditors, regulators, ...

Solution Summary

Internal Control is discussed in great detail in this solution.

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