ACC 544 Week 3 DQs

May 8th, 2015
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ACC 544 Week 3 DQs

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Week 3What are some major components of an internal control system? Are these components always necessary? Explain your answer.We have learnt in the last decade that the financial markets do not like the surprises, to be accurate the negative surprises. As the number of high-profile corporate scandals around financial reporting has increased making Enron, Worldcom, Parmalat, etc household names, the investing public, especially the institutional side, started scrutinizing the public companies corporate governance, risk management and internal control structures and effectiveness. (Just as a side note: yes, there were still sophisticated institutional investors, mainly in Europe, which overrode common sense risk management as they wanted to believe that Madoff makes those returns, because the market is good even though the reports were plain excel spreadsheets. Until the profit is

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