May 17th, 2015
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ACC492 Week 4 Individual 17-22AdditionsInternal control for the additions of plant assets is to have only one person with the authority to authorize a transaction such as this. In many companies there is a board of directors or a special committee that will vote on whether a transaction should take place or not. The control risk is to ensure if there is a set amount and who can authorize the transactions.Plant assets can be purchased when they are needed for the company to continue to grow or when the need for the equipment is greater than paying to repair older equipment. The assessed control risk is how the company determines when new plant assets are needed.As soon as the purchase of new equipment is completed it needs to be recorded and placed in the proper category. The assessed control risk is a possible delay in the recording of the transaction or the equipment is expensed

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