Acc 544 Case Study

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Acc 544 (Controls for It and Reporting) Complete Class ACC 544 (Controls for IT and Reporting) Complete Class IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download If You Face Any Problem E- Mail Us At Contact.Hwnerd@Gmail.Com ACC 544 Week 1 Recommendation Brief for an Internal Auditor An internal auditor certifies a company’s financial statements are timely, relevant, and reliable. According to the American Accounting Association (1973), “Auditing is a systematic process of objectivity obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence…show more content…
The outflows of a business will be discussedfurther and how to control the risks that areinvolvedwith different areas. The controls that will be addressed will involve the areas of purchasing, accounts payable, cash disbursements, finance, investments, and payroll. Each area will consider the different transactions that take place and how internal controls can assist in reducing fraud and poor decision making. Purchasing The purchasing department in a company allows a certain amount of power to the employees whowork in that department. Controls need to be in place to prevent fraud and error from occurring. The number of vendors a company purchases goods or supplies from should be limited. Repeat purchases from the same vendors and suppliers will provide routine transactions that are much easier to track and will provide a faster cycle time. Using the same vendors will provide familiarity of the company to the vendor allowing more accurate quantity. When the vendor is familiar with the needs of the company it will reduce fraud and the number of transactions, which will make purchasing goods easier to track. Another control for purchasing is to purchase from online catalogs. Immediate electronic tracking is available and will permit an instant approval or denial of the purchase. When a purchase is approved, the electronic purchase order can be forwardedto…show more content…
Evaluations of this information provides insight regarding a company’s ability to productively useeconomic resources as well as providing a basis for further shareholder assessments of prospective risks and returns. Based on this, one may conclude it is an extraordinarily basic yet important element of financial infrastructure. These evaluations consist of three reports that provide a company options for communicating the state of the internal control structure. The options can be evaluated under established criteria commonly found in Committee of Sponsoring Organizations (COSO), Control Objectives for Information and related Technology (COBIT), and International Organization for Standardization (ISO) 17799/27002

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