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Following are descriptions of 10 internal controls. 1. The company has an organizational chart that establishes the formal lines of reporting and authorization protocols. 2. Before a cash disbursement can be processed, all payee information must be verified by matching the payee to the company’s approved vendor listing. 3. The company’s computer systems track individual […]
REVIEW QUESTIONS What is the auditor’s responsibility for obtaining an under- standing of internal control? How does that responsibility differ for audits of public and nonpublic companies?Jeanne Maier, CPA, believes that it is appropriate to obtain an under- standing of internal control about halfway through the audit, after she is familiar with the client’s operations […]
TASK The SEC issues Accounting and Auditing Enforcement Releases (AAERs) summarizing SEC actions concerning civil lawsuits brought by the SEC in federal court and related settlements from administrative proceedings. Visit the SEC’s website (www.sec.gov) and locate the link to Accounting and Auditing Enforcement Releases (AAERs) under the “Enforcement” tab. Locate AAER-3932 involving Maxwell Technologies, Inc. […]
