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Tonja Turner

October 6, 2013

Case Study 2: Internal Control

ACCT 504 – Managerial Use, Analysis

Prof. Malinda Marsh


Table of Contents

New internal control requirements……………………………..Page 1

What is the right thing to do…………………………………….Page 1

What is the wrong thing to do…………………………………...Page 2

Reference Page…………………………………………………..Page 3




Internal Control

The first information the president must make sure is that everyone in the company knows what the internal controls are and how to define it as well. The internal control can be understood as the following: “Internal control consists of all related methods and measures adopted within an organization to safeguard assets, enhance the reliability of accounting records, increase efficiency of operations, and ensure compliance with laws and regulations” (Kimmel, Weygandt, & Kieso,  2013). The internal controls can help the company work better if the management of the company decides to divide and separate the divisions and deal with the interactions between the various business departments. In the following paragraphs there will be a discussion on the internal control that a company needs to make sure it has in order to become public. There will also be a discussion on what the company is doing right and wrong.

The regulations of Sarbanes-Oxley Act is to formalize control procedures in writing. The new requirement will require that the management disclose any material weakness identified by other individuals of management to the public. In the report the management will also have to identify the company’s independent public accountant who did the audit for the financial statements. Additionally, the company has to make sure who ever does the statement know what he or she is doing to reduce any errors that can occur.

Currently the company is doing the best at what is currently existing used because there is not many errors that were recorded. The needs to purchase the indelible ink machine because it...

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