accounting 320

You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.

  • Identify the limitations of the internal control system. Provide at least 3 limitations.
  • Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
  • Identify symptoms of a lack of internal control.
  • Explain the impact of the missing journal entry on the financial statements of the company.

 

APA FORMAT IN TEXT CITATION OF REFERENCES

 

DELIVERABLE LENGTH 3 PAGE

 
Looking for solution of this Assignment?

WHY CHOOSE US?

We deliver quality original papers

Our experts write quality original papers using academic databases.  

Free revisions

We offer our clients multiple free revisions just to ensure you get what you want.

Discounted prices

All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount

100% originality

We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity

On-time delivery

We will deliver your paper on time even on short notice or  short deadline, overnight essay or even an urgent essay