Unit 3 IP - Running head: UNIT 3 Unit 3 Individual Project...

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Running head: UNIT 3 Unit 3 Individual Project Tammi Pierce American InterContinental University
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Running head: UNIT 3 Abstract This essay is based upon a scenario where the writer is an accountant at a local CPA firm that is auditing the accounting records of ABC Company. The writer has been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During the audit, the writer 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. Within the essay the writer will identify the limitations of the internal control system, providing 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. After reading this essay the reader will be able to identify the various user groups that need accounting information and the characteristics of the information that they need.
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Running head: UNIT 3 Unit 3 Individual Project I am an accountant at a local CPA firm that is auditing the accounting records of ABC Company. I have been asked to educate the accounting department about the limitations of the
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This note was uploaded on 01/01/2012 for the course ACCT 205 taught by Professor Wendyw.achilles during the Spring '10 term at American InterContinental University.

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Unit 3 IP - Running head: UNIT 3 Unit 3 Individual Project...

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