Business Finance
Auditing Case Discussion

Question Description

I’m trying to study for my Accounting course and I need some help to understand this question.

Case and doc list below.

Requirement 1:What are the main purposes of internal controls? Write this in your own words, making it clear that you understand the answer. (6 pts)

Requirement 2: Discuss one important concern relating to possible fraud on the part of the couple for the motel business.

Requirement 3:Discuss one important concern relating to possible fraud on the part of the couple for the café business.

Requirement4: Discuss two ways that Matthew can affect the control environment in order to help improve internal controls in the inn and café businesses.

Detail list below.

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CONTENT REQUIREMENTS Requirement 1 What are the main purposes of internal controls? Write this in your own words, making it clear that you understand the answer. (6 pts) Requirement 2 Discuss one important concern relating to possible fraud on the part of the couple for the motel business. Be specific in describing the fraud that could occur. Generate one internal control that could effectively reduce the risk related to your concern. In addition, develop two tests the auditor could perform to determine if that control is in place and working effectively. (10 pts) Requirement 3 Discuss one important concern relating to possible fraud on the part of the couple for the café business. Again, be specific in describing the fraud, and this must be a different fraud than discussed above. Generate one internal control that could effectively reduce the risk related to your concern. In addition, develop two tests the auditor could perform to determine if that control is in place and working effectively. (10 pts) Requirement 4 Discuss two ways that Matthew can affect the control environment in order to help improve internal controls in the inn and café businesses. (The control environment is a specific element of the internal control system, so make sure your answer relates directly to the control environment and not to the other elements of the system.) (10 pts) WRITING REQUIREMENTS Requirement 1 Research the proper use of “its” and “it’s” and use both in your paper. Underline them, bold them, or italicize them so I can find them easily. Please note: contractions are not normally used in formal writing, but this writing requirement will be an exception to that rule. (2 pts) Requirement 2 Go to the following website and read through the list of “Confusable Words”: http://grammar.ccc.commnet.edu/grammar/notorious.htm. Use one pair of confusable words within your paper correctly (you must use both words of the pair somewhere in the paper). You may not use “than/then” or “its/it’s” to fulfill this requirement. Underline them, bold them, or italicize them so I can find them easily. (2 pts) Writing Restrictions for this assignment: • Any spelling/punctuation requirement included on a prior assignment will also be reviewed for accuracy if included in this paper. For example, since “than” and “then” were included on the first assignment, if you use either in this assignment, they must be spelled correctly. 1 Case: 2 3 ...
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Final Answer

Attached.

Auditing Case
Student’s Name
Institutional Affiliation
Date of Submission

Auditing Case
Internal controls denote the regulations and procedures implemented by an organization to
provide oversight on the business operations to ensure the integrity of accounting information.
Internal controls are critical in aiding the firm to comply with laws and regulations as well as
minimizing fraud. The control measures focus on improving operational efficiency by enhancing
the accuracy and timeliness of financial reporting. In the wake of accounting scandals evident
since the 2000s, company owners and finance managers have to be aw...

Msharon (11588)
UCLA

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