AC410-01_Unit 10_ Writing Assignment_Marjorie Bowden

AC410-01_Unit 10_ Writing Assignment_Marjorie Bowden - of...

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AC410-01 Unit 10 Writing Assignment Marjorie Bowden The key concepts that have made me a stronger candidate to enter the business world would include ethics and internal control and audit risks. As in everyday life, accountants are human and mistakes can and will be made. It is very important to handle these errors in the appropriate manner and it is the auditor’s responsibility to insure that this is done. However, a company with good internal controls will reduce the risk associated with these errors being made or going un-noticed. If a company makes a mistake in their financial statements, the company is obligated to make the correction of the error in the current period, and disclosures should be made. Monitoring is one of five components that is used to assess internal controls. Monitoring includes the assessment of both design and operation
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Unformatted text preview: of controls on a timely basis. Monitoring is useful because it can identify inconsistency with management's viewpoint on how the employees associate to one another. Monitoring, like most other resources, if applied properly and consistently will help monitor internal controls and prevent fraudulent activities. By taking this course, previous courses, and the courses to follow, I feel that I am better prepared to enter into the professional accounting world. It has helped me as a student by giving me a better understanding of accounting for changes and errors. As a person it will enable me to appropriately account for any changes or errors that may occur....
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