Case study2 Internal controls - To: President From: Yassir...

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To: President From: Yassir Elbazouni Date: 10/01/2011 Subject: Internal controls The purpose of this report is to determine whether procedures are in place to ensure that internal controls are adequate to comply with policies. From my understanding, the company is planning to go public in the future; thus, new internal control requirements need to be met and are as follows: Control environments : It is the foundation of the guidelines. This element is supposed to provide discipline and structure. It also includes the way management assigns authority and responsibility. This also includes communications requirements. Risk assessments : Identified risks are analyzed in order to form a basis for determining how they should be managed. Control activities : to reduce the occurrence of fraud. Information and communications : Pertinent information must be identified, captured and communicated in both down and up the organization.
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This note was uploaded on 01/11/2012 for the course ACCOUNTING FI504 taught by Professor Joe during the Spring '10 term at Keller Graduate School of Management.

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