Internal controls


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Please be sure to read through the questions before bidding. There are two attachments. One is the 6 small cases and another one is questions for the cases. please read the cases before answering the questions and answer them correctly. Thank you

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For Internal Controls: A Compendium of Short Cases, choose 4 of the 6 short cases and answer its respective questions below. Reponses should be well written, in paragraph form, using proper grammar and citations for any writing not your own. Answers to each question should be about 300 words Case 1 What were your initial thoughts of Jeff Smith’s performance as Controller? Given what happened later in this case, are you surprised given your perception of Jeff Smith? Explain. 2. What internal controls could have been in place to prevent this from happening? 1. Case 2 1. Describe the flaws in RME’s credit authorization process, and what recommendations you would suggest to implement in the process. 2. As the auditor, what other information (not given in the case) might you inquire about related to the overall sales cycle / process? Why would you be interested in such information? Case 3 1. Use the questions as stated in the case (answer both). Case 4 1. For purposes of evaluating internal controls, how does your client upgrading its accounting software impact your audit risk? Explain. 2. Discuss the upsides and downsides of allowing remote access to the company’s system. Be sure to include internal control considerations in your responses. Case 5 1. What factors should an organization take into considerations when contemplating a keep inhouse vs outsource decision for a key process? Be sure to include at least some internal control considerations in your response. 2. Describe at least three internal control weaknesses related to computer and data security at AAA prior to the flood occurrence. For each weakness, make a suggestion of a control, policy, procedure, etc as to what would have promoted stronger computer security. Case 6 1. Describe how you as Controller would design the employee reimbursement process to avoid the issues that occurred related to damaged vehicles subsequent to the accident at the local plant. ...
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Tutor Answer

School: Purdue University

there it is hope its okay now

Case 1
After the company lost most of the employees including the previous controller when then
held interviews and decided to give Jeff Smith as the new controller. Jeff captured my attention
as a very hard working controller and was ready to bring change to the company and the other
employees also thought highly of him, leading to him being referred to as an independentminded person a “maverick". He came across as a selfless person since he even offered to work
shifts of employees who were not at work. He seemed like he was a person who wanted to bring
change to the company but little did I expect that he was stealing from the company and he had
done this just to gain trust of everyone.
When Jeff started working at the company he portrayed a perfect employee image blinding
everyone I personally couldn’t have ever thought of him as an employee who was stealing from
the company and due to this al companies should run a thorough background check on all the
employees before giving them jobs.
The grays should have put up an Approval authority internal control measure which requires
them to be the ones to authorize certain types of transactions and before doing so analyzing and
approving the proper authority. This internal control method would not have abled Jeff to make
any transac...

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