Description
You have met with a potential client, who informs you that all the employees and officers of his company are bonded. For this reason, he is requesting that under these conditions that you not look at his company's system of internal control so his company may reduce the cost of an audit.
Prepare a letter to the potential client explaining the following:
- Why you can or cannot honor his request.
- The reasoning for your decision.
- The potential ramifications of your decision.
- Based on your choice of action, what the perceived corporate governance of the company would be to the public.
2 page length with reference page!
Explanation & Answer
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Running Head: TESTS OF INTERNAL CONTROLS
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Tests of Internal Controls
I met with a potential client who informed me that all the employees and officers of his
company are bonded. He requested that under those conditions, I look at his company’s system
of internal control so that his company may have a reduced cost of an audit.
I will honor his request because the test of internal controls will help his
company to make improvements on the weakest parts pointed out. Tests of internal controls are
good and help business organizations to improve on their weak areas and perform better (Shim).
If the business organization or the company in q...
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