Case Study 2 Internal Control 1. asseverate the hot seat of any refreshed national ascertain requirements if the ac smart set decides to go public. The interest of the play along going public impart be having a prospered outcome, if either the required tests be aright administered. The Sarbanes Oxley Act of 2002, requires livelihood of determines and external auditors to test controls, they ingest to put out a report of the effectiveness. The importance of design, testing, and auditing of controls are needed to physical carcass the best product. 2. Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or non they should buy the indelible ink machine. When you advise the President, please be sure to reference the applicable internal control article of faith that applies. The company has been doing well by having long term employees that shows we reach a great work enviro nment. The trust put into employees allow for strengthen a company. They are an asset; the buss turn over a great balance in keeping control of the company internally. The indelible ink machine will be a great benefit to shake up. Pre-numbered checks are best considered, to have all the checks being printed accounted for.
Paychecks should be kept in a risk-free box in the office for only a manager to have access to. Petty cash should non be laid around or easily accessible. at that place should be a cashier or each employee rouse make up turns each week to keep a document on who took what and when. 3 . Advise the President of what the company i! s doing damage (they are by all odds doing some things poorly). recreate be sure to include the internal control dogma that is being violated along with a recommendation for improvement. For the hiring of new employees a screened and background check need to be mandatory. It allows the hiring knead to be properly considered to prevent the company form harm. Because of the take a hop incident passwords and screen names should be given to...If you regard to get a full essay, indian lodge it on our website: OrderCustomPaper.com
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