the president of Vista Corporation, accounting homework help

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Business Finance

Description

You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit. At the conclusion of this discussion, the president states that he will personally take steps to remedy these problems and that there is no reason for you to bring these matters to the attention of the board of directors. He explains that he believes the board should deal with major policy decisions and not be burdened with day-to-day management problems. How would you respond to this suggestion? Explain fully.

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Explanation & Answer

Here you go buddy.

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Everyone in an organization has some level regarding internal controls. The roles differ
based on the nature of involvement and the level of responsibility of the party. According to Ege,
the role of an internal auditor is to assess the effectiveness and adequacy of the organization’s
internal controls and give recommendations where the controls require improvements (Ege, 496).
Since the auditor is to remain objective and independent, he/she d...


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