Question

Internal Control Review

You are an accountant at a CPA firm that is auditing the accounting records of YYZ Company. You have been tasked along with the accounting department to identify the limitations of the internal control system. During the audit, you identified that because of a weak internal control system, an adjusting entry was not recorded.

Identify any limitations of the current internal control system.

Recommend internal control procedures that should be implemented.

Explain the impact of the missing journal entry on the financial statements.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *