ACCT205

 

 

Don't use plagiarized sources. Get Your Custom Essay on
ACCT205
Just from $9.9/Page or 300 Words
Order Now

 

You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.

  • Identify the limitations of the internal control system. Provide at least 3 limitations.
  • Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
  • Identify symptoms of a lack of internal control.
  • Explain the impact of the missing journal entry on the financial statements of the company.

Please submit your assignment.

 

For assistance with your assignment, please use your text, Web resources, and all course materials.

Unit Materials

Unit 3 Course Materials

 

Looking for a Similar Assignment? Order a custom-written, plagiarism-free paper

WhatsApp Order Now