1. Individual Assignment: Controls for IT and Reporting & Evaluation
Imagine you are a controller for a company.
Identify the internal control reporting options.
Create criteria against which the options can be evaluated.
Include internal controls for IT.
Please refer to Chapter 3, as one of your reading requirement in the Syllabus for Week 6 - Appendix 3.2 Aksarben Furniture Mart (AFM). Similar to the Appendix, Include the Internal control reporting options and then if you read the Prepaid Expenses BS01 Table, you should have a good idea to create criteria against the options that can be evaluated: Such as Sub-process, ID, Control activities, Test plan, etc...Explain each of these options for the criteria that you choose to write about.
Use this Appendix to help guide you on what I expect to see from your assignment. The best way to tackle this assignment is to choose one specific area in accounting to focus on. Example: Payroll
There should be an Overview paragraph and a Summary paragraph explaining the procedures for the specific concentrated area that you choose to provide a table on. It can be based on a real or fiction company. I will be grading on the how you would write a Policy and Procedures for a specific concentrated area that compiles the seven controls:
1. Control activities
2. Control framework
3. Test plan for testing the control
4. Test of operating effectiveness
5. Test of design
6. COSO framework components involved
7. Attributes of financial statement assertions
Depending on which specific concentrated area you decide to work on, not all these controls may apply. Let me know if you have any more questions.
This final assignment does not need to include references. However, if you provide definition or sources in your paper, you must credit the author and provide a proper Reference page formatted APA. There is no word count or page count, but I will grade base upon your understanding to covering the key points of this assignment.