ABC Retailers — Internal Controls

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ABCRetailersInternalControls.docx

1

1 ABC RETAILERS — INTERNAL CONTROLS

Shuhan Jia

1 GEORGE MASON UNIVERSITY

Course: ACCT461-DL1

Instructor: Mindy Kim

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ABCRetailersInternalControls.docx Word Count: 2,551 Attachment ID: 4250810847

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Date: April 12, 2021

1 ABC RETAILERS — INTERNAL CONTROLS

Effective internal controls in financial reporting are important in any company to provide reliable and valuable financial

statements. Reliable financial statements are important in helping stakeholders and investors to make decisions on

investments as they show if the business is stable or not. In any organization, the accounts payable process is very important

as it touches on all the business's payments outside of payroll. 2 THE ACCOUNT PAYABLE MISSION IS TO PAY

ONLY THE BILLS AND INVOICES OF THE COMPANY THAT ARE ACCURATE AND LEGITIMATE. The account

payable must have internal controls to safeguard the organizations paying fraudulent invoices, inaccurate invoices, or paying a

vendor’s invoice twice. 3 THROUGH THE ABC RETAILERS CASE STUDY, THIS PAPER WILL DISCUSS THE

PROCESS OF EVALUATING IDENTIFIED CONTROL DEFICIENCIES, THE ANNUAL DISCLOSURE

REQUIREMENTS FOR MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING (ICFR), AND HOW TO DETERMINE THE EFFECT OF IDENTIFIED CONTROL DEFICIENCIES

ON OTHER CONTROLS.

4 MISSTATEMENTS MADE IN THE COMPANY FINANCIAL STATEMENT

The misstatement made in the company’s financial statement involved fraudulent activities of about $2 million in payments

wired by the ABC Retailers to an incorrect bank account. This happened as a result of issues that arose from a bank account

change request initiated by ‘Watch-Makers’, a nonexistence company engineered by a criminal to steal money from the

company. The accounts payable manager in charge filled all the details required in a vendor’s form request to change a bank

account. However, the failure of the accounts controller to follow the set policies for changing a bank account by a vendor

during his review resulted in the loss of $2 million from the company. 4 ACCEPTING THE VENDOR CHANGE

REQUEST AND MAKING PAYMENTS TO AN INCORRECT BANK ACCOUNT’ AFFECTED THE ACCOUNTS

PAYABLE BALANCE WITH A LOSS OF $2 MILLION. This also impacted the firm's reputation as the audit identified a

failure in the company's internal control.

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1 FACTORS TO BE CONSIDERED IN EVALUATING THE SEVERITY OF DEFICIENCIES

In most companies, identifying and evaluating the severity of deficiencies of the internal controls has proved to be a very

challenging undertaking. Ensuring that the right employees and the correct procedures of testing the effectiveness of the

organizational controls can be very helpful to the business. An auditor needs to assess the competence of the employee in

carrying out the required control objectives in the company such as their ability to detect and prevent fraudulent activities in

the company that cause major misstatements.

An auditor needs to consider various factors when trying to determine the severity of deficiencies in a company’s control

systems. The first factor to consider is the determination of the deficiency of the misstatement. 1 IN NUMEROUS CASES,

THE IDENTIFICATION OF DEFICIENCIES IN INTERNAL CONTROL IS USUALLY AFTER THE DETECTION

OF A MISSTATEMENT (PCAOB, 2007). Thus, it is the responsibility of the auditor to further evaluate the misstatement

to find out how it happened and then identify the correct control that was best placed to prevent or detect the misstatements

(Kurma & Sharma, 2015). 1 THE DEFICIENCY IN THE INTERNAL CONTROL OF THE COMPANY IS NOT

BASED SOLELY ON WHAT IT DID NOT DO ACCURATELY IN THE ACCOUNTING FOR ITS TRANSACTIONS

BUT ITS FAILURE TO DETECT OR PREVENT THE MISSTATEMENT FROM HAPPENING.

The second factor involves the possibility that the company’s control system could not detect or prevent the misstatement. In

this case, the auditor should evaluate the extent of the misstatements that occur from this internal control deficiency. This

means that the auditor needs to assess and evaluate all the transactions of the company that addresses the number and size of

the misstatements (Raiborn, 2016). The evaluation is important as it helps the auditor to determine if the internal control

deficiency would allow the identified material misstatement. Thus, taking into considerations all the misstatements that the

control did not detect or prevent is important to the auditor in this case (PCAOB, 2007). The identification of an omitted

disclosure can provide the auditor with a good source of material misstatement that can help expose the severity of the

misstatement.

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The third factor to consider is the reasonability of the internal controls of the company's failure to prevent or detect the

material misstatement in a reasonable time. This can be achieved through a careful analysis of the same by the auditor. The

magnitude of the possible misstatements in the internal control of the company is also a factor that influences the severity of

the misstatements. If the magnitude of the internal control misstatement is high, so is the severity of the control deficiency.

Sometimes the deficiency of internal controls also depends on the operational management of the firm. If a deficiency in

controls occurs, this means that management failed in detecting the fraud, and all the strategies implemented for

improvement also failed. In some cases, management is also involved in fraud; therefore, analyzing the competence of

management towards internal controls is also effective (Johnson, 2017). Analyzing the number of frauds and errors in the

internal control statement also helps define the severity of control deficiencies. Therefore, it is also an important factor for an

auditor to examine the number of errors and fraud in internal controls.

Deficiency in Design and Operations (PCAOB AS 2201) A company’s internal control design and operations are designed to

allow employees to detect and prevent misstatements during their normal operations on allocated duties. If the design and

operations controls do not prevent this from happening, then a deficiency in internal controls takes place s (Hayes et al. 2014).

A deficiency in the internal control design happens if there is a lack of control required for executing the control purposes.

Also, a deficiency in design can arise if it is poorly designed making it difficult to achieve the set control objectives. In contrast,

deficiency in internal control operations happens the designed controls do not operate as it is required or the employee in

charge of the control systems does not have the necessary expertise or competence to carry out the required controls. Also,

operational deficiency in controls can happen if the personnel in charge of the systems does not have the necessary authority

to carry out operations key in identifying as well as preventing misstatements.

From the case study, it is evident that the ABC Retailers had set the required controls to ensure there are proper bank transfer

processes. The audit carried out in the company’s internal controls showed that the employees in charge of the process

performed the necessary control procedures. This proved that the organization had the right controls procedures for ensuring

the right clients received cash disbursements from the company. Also, the audit revealed that the account payable employees

followed the necessary control procedures to process the request to change the bank account of the vendor. 1 THE

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ACCOUNT PAYABLE NEEDED TO FOLLOW THREE PROCEDURES WHICH ENTAILED GETTING A

PROCESSED AND PAID INVOICE FROM ANY VENDOR WHO REQUESTED TO CHANGE THEIR BANK

ACCOUNT. The second process involved calling the vendor requesting to change the bank account to verify the information

that was obtained from the previous processed and paid invoice. Lastly, the account payable manager was required to

document this information in the change form. 1 THE COMPANY ASSISTANT CONTROLLER HAD

COMMUNICATED ALL THE CHANGE PROCESSES INVOLVED IN CHANGING A BANK ACCOUNT TO THE

ACCOUNT PAYABLE MANAGER.

Even though the account payable manager was cleared by the Chief security officer’s investigation of any involvement in a

scheme that misappropriated $2 million, the scam can be ascribed to the ensuing negligence by the AP personnel. The AP

employees did not implement the changes in the policy as required by the accounts controller on the procedures of changing

the bank account of the vendor. Thus, the accounts controller's failure to effectively evaluate and review the vendor change

form as a result of an operational deficiency in the company’s internal control systems that failed to detect and prevent the

misstatement.

Material Weaknesses in the Control System

When the rules, procedures, or activities of internal control systems designed to detect and prevent misstatements become

inefficient, then a material weakness is said to have occurred. A material weakness occurs if the control procedures fail to

improve the operational effectiveness of the control system to prevent abnormalities in a financial statement (Kurma &

Sharma, 2015). When a material weakness occurs, it renders the company’s financial statements ineffective as well as

unreliable making it difficult to evaluate the financial health of the company.

From the case study, ABC Retailer created a vendor form that is required for completing any request by new or existing

vendors to change their bank account. The form required information from the vendor such as bank account details to enable

the processing of the request. The review carried out on the vendor change form showed that all the procedures and

information about changing a bank account were correctly captured by the account payable personnel. These procedures were

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carried out to all other similar cases in the company before including the new details to the account payable systems.

Nevertheless, an audit review carried out in the internal controls of the company showed that 5 vendor change form details out

of the 105 forms reviewed by the account controller net the criteria for the bank account change policy. The account controller,

who is the controlling owner, was required to ensure that the account payable manager had collected the required details to

ensure the authenticity of the bank account before accepting the vendor’s request.

The failure to ensure the set policy was followed led to a major deficiency that resulted in misstatements. Even though there

was a well-set policy concerning the confirmation of any bank account change request, the failure to follow this process

allowed for fraudulent activities. The fact that only 5 out of 105 vendors request to change bank account followed the right

change procedure showed a material weakness in the internal control systems of the company. The controls of the

organization proved to be a deficiency in identifying and stopping the fraud in a considerable amount of time.

1 INFORMATION THAT ABC COMPANY WILL DISCLOSE (SEC REGULATION) OWING TO THE MATERIAL

WEAKNESSES IDENTIFIED IN THE COMPANY'S INTERNAL CONTROL SYSTEMS, THE MANAGEMENT

WILL BE REQUIRED TO DISCLOSE INFORMATION OF ITS FINANCIAL STATEMENTS, OPERATIONS AS

WELL AS DISCLOSURE OF RISKS. THE MANAGEMENT WILL ALSO NEED TO PROVIDE INFORMATION

REGARDING THE AGGREGATE OPERATING LEASES THAT ARE ACTUAL OBLIGATIONS BUT ARE NOT

DEBTS IN THE FINANCIAL STATEMENT.

The company will be required to reveal any risk such as recent lawsuits that expose the company. Also, the management must

provide financial statements including the balance sheet and income statement that will help the auditors to determine the

company’s actual debt.

Through the company’s Form 10-K, the description of the organization's accounting policies and procedures should be

disclosed. 5 ALSO, THE MANAGEMENT WILL NEED TO DISCLOSE ALL THE POLICIES RELATED TO ITS

MONEY TRANSFERS AND PAYMENTS TO ALL ITS VENDORS. 1 THE COMPANY MANAGEMENT WILL

ALSO BE REQUIRED TO PROVIDE THE AUDITING TEAM WITH DETAILS ABOUT ITS OPERATIONS, HOW

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IT MAKES ITS PROFITS, AND ITS TARGET CUSTOMERS OR MARKET. ALSO, SIGNED LETTERS FROM

BOTH THE COMPANY’S CFO AND CEO THAT SWEAR UNDER OATH THAT THE INFORMATION IN THE

BOOKS AND STATEMENTS IS CORRECT TO THE BEST OF THEIR KNOWLEDGE MUST BE PROVIDED TO

THE AUDITING TEAM. Lastly, the company must provide a letter from its internal audit department showing the details of

the auditing as well as the company’s certificate of its financial records. This will help the auditor to carry out their auditing

activities and make conclusions.

4 OBLIGATION AUDITORS HAVE IN TERMS OF COMMUNICATING THE RESULTS

The auditor will report to Internal Control over Financial Reporting (ICFR) after concluding a failure in the company’s internal

control. The communication of any internal control deficiencies identified during auditing is very important to ensure that

they do not influence other departments of the company.

For instance, the deficiencies identified in the account payable division show that there is a possibility that other departments

could be affected by similar deficiencies (IAASB, 2009). This shows that a problem from one department can have huge

impacts on another and this necessitates auditors to make the proper communications about these deficiencies so that they

can be addressed (Howell, 2016). These communications should be in form of a letter to the person responsible for the affected

departments. However, the auditor can control or limit the details written in these communication letters depending on

various factors such as the nature of the deficiencies identified among others.

Consequences of an Auditor Who Issue a More Favorable Report to a Client to Retain them

It is critical for any organization to act upon the discovery of a material weakness in their internal control. The auditor has the

responsibility per general law to issue the appropriate audit report and opinion to their clients. In the case of ABC Retailers,

the auditor should issue the report that includes deficiency of the internal control of the company’s systems as material

weakness regardless of whether it is going to ruin the reputation of the company. This is in spite of the fact that the company is

threatening to end the auditor’s services if he includes the material weakness in the report. The auditor has an ethical and legal

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responsibility to the shareholders and creditors to issue the correct report of opinion about his auditing results. Failure to

comply with these responsibilities exposes the auditor to criminal charges of fraud or knowingly and recklessly issuing an

incorrect audit report of opinion. The auditor can lose their license if found guilty of such negligence of ethics applicable to

them by the auditing boards.

Conclusion

The internal control systems of any organization are vital to its success. Any deficiencies that occur in the internal controls of a

company must be addressed appropriately to avoid causing damages to the finances of the business. Deficiencies in internal

control mostly result from operational or design failure of control systems to detect and prevent misstatements in a reasonable

time during normal operations of employees carrying out such tasks. Communication of internal control deficiencies is very

important to address and prevent these deviancies impacting other departments of the organization.

References

1 HAYES, R., WALLAGE, P., & GORTEMAKER, H. (2014). 1 PRINCIPLES OF AUDITING: AN

INTRODUCTION TO INTERNATIONAL STANDARDS ON AUDITING. PEARSON HIGHER ED.

Howell. 1 J (2016), TIPS FOR EVALUATING INTERNAL CONTROL DEFICIENCIES, RETRIEVED FROM

HTTPS://WWW.WORKIVA.COM/BLOG/TIPS-EVALUATING-INTERNAL-CONTROL-DEFICIENCIES

INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB). (2009). 1

COMMUNICATING DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH GOVERNANCE

AND MANAGEMENT. INTERNATIONAL STANDARD ON AUDITING 265. NEW YORK, NY: IFAC.

Johnson, L. A. (2017, December). The Development of Internal Auditing as a Profession in the U.S. During the Twentieth

Century. Accounting Historians Journal, 47-67. DOI: 10.2308/aahj-10549

1 KUMAR, R., & SHARMA, V. (2015). Auditing: 1 PRINCIPLES AND PRACTICE. PHI LEARNING PVT. Ltd.

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1 PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB). (2007). 6 AN AUDIT OF INTERNAL

CONTROL OVER FINANCIAL REPORTING THAT IS INTEGRATED WITH AN AUDIT OF FINANCIAL

STATEMENTS. 7 AUDITING STANDARD NO. 5.

Raiborn, C. (2016, December 29). 8 THE INTERNAL AUDIT FUNCTION: A Prerequisite for Good Governance. 9

RETRIEVED FROM HTTPS://DOI.ORG/10.1002/JCAF.22246

Citations (9/9)

Matched Text

1 Another student's paper

2 Another student's paper

3 Another student's paper

4 Another student's paper

5 Another student's paper

6 https://ir.ua.edu/bitstream/handle/123456789/2928/file_1.pdf

7 https://pcaobus.org/Standards/Archived/PreReorgStandards/Pages/Auditing_Standard_5.aspx

8 http://commons.aaahq.org/hives/1a4d891d2d/posts?postTypeId=0&tagId=6364&sort=comments&view=full

9 Another student's paper

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Uploaded - ABCRetailersInternalControls.docx ABC RETAILERS — INTERNAL CONTROLS

Source - Another student's paper ABC Retailers - Internal controls

Suspected Entry: 100% match

Uploaded - ABCRetailersInternalControls.docx GEORGE MASON UNIVERSITY

Source - Another student's paper George Mason University

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Uploaded - ABCRetailersInternalControls.docx ABC RETAILERS — INTERNAL CONTROLS

Source - Another student's paper ABC Retailers - Internal controls

Suspected Entry: 97% match

Uploaded - ABCRetailersInternalControls.docx FACTORS TO BE CONSIDERED IN EVALUATING THE SEVERITY OF DEFICIENCIES

Source - Another student's paper Factors to be considered in evaluating the severity of a deficiencies

Suspected Entry: 62% match

Uploaded - ABCRetailersInternalControls.docx IN NUMEROUS CASES, THE IDENTIFICATION OF DEFICIENCIES IN INTERNAL CONTROL IS USUALLY AFTER THE DETECTION OF A MISSTATEMENT (PCAOB, 2007)

Source - Another student's paper In most cases, the internal control deficiency is identified after the discovery of the misstatement (PCAOB, 2007)

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Uploaded - ABCRetailersInternalControls.docx THE DEFICIENCY IN THE INTERNAL CONTROL OF THE COMPANY IS NOT BASED SOLELY ON WHAT IT DID NOT DO ACCURATELY IN THE ACCOUNTING FOR ITS TRANSACTIONS BUT ITS FAILURE TO DETECT OR PREVENT THE MISSTATEMENT FROM HAPPENING

Source - Another student's paper The internal control deficiency is not just what the company did not do properly in accounting for transactions

Suspected Entry: 64% match

Uploaded - ABCRetailersInternalControls.docx THE ACCOUNT PAYABLE NEEDED TO FOLLOW THREE PROCEDURES WHICH ENTAILED GETTING A PROCESSED AND PAID INVOICE FROM ANY VENDOR WHO REQUESTED TO CHANGE THEIR BANK ACCOUNT

Source - Another student's paper getting processed and paid invoice from a vendor who requires a change of bank account

Suspected Entry: 65% match

Uploaded - ABCRetailersInternalControls.docx THE COMPANY ASSISTANT CONTROLLER HAD COMMUNICATED ALL THE CHANGE PROCESSES INVOLVED IN CHANGING A BANK ACCOUNT TO THE ACCOUNT PAYABLE MANAGER

Source - Another student's paper The Assistant Controller of the company had communicated this change of policy regarding changing the bank account to the AP

Suspected Entry: 66% match

Uploaded - ABCRetailersInternalControls.docx INFORMATION THAT ABC COMPANY WILL DISCLOSE (SEC REGULATION) OWING TO THE MATERIAL WEAKNESSES IDENTIFIED IN THE COMPANY'S INTERNAL CONTROL SYSTEMS, THE MANAGEMENT WILL BE REQUIRED TO DISCLOSE

Source - Another student's paper Information that ABC Company will be required to disclose when the internal control failure indicates a material weakness in internal control As a result of the identified material weaknesses, ABC company will be required to provide information on its operations, disclosures of the risks, and financial statements

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INFORMATION OF ITS FINANCIAL STATEMENTS, OPERATIONS AS WELL AS DISCLOSURE OF RISKS

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Uploaded - ABCRetailersInternalControls.docx THE MANAGEMENT WILL ALSO NEED TO PROVIDE INFORMATION REGARDING THE AGGREGATE OPERATING LEASES THAT ARE ACTUAL OBLIGATIONS BUT ARE NOT DEBTS IN THE FINANCIAL STATEMENT

Source - Another student's paper Further, the company will have to provide information on aggregate operating leases that are real obligations but do not count as debt on their statement of financial position

Suspected Entry: 62% match

Uploaded - ABCRetailersInternalControls.docx THE COMPANY MANAGEMENT WILL ALSO BE REQUIRED TO PROVIDE THE AUDITING TEAM WITH DETAILS ABOUT ITS OPERATIONS, HOW IT MAKES ITS PROFITS, AND ITS TARGET CUSTOMERS OR MARKET

Source - Another student's paper Also, the company will be required to explain its operations, how the company makes its money and the target market of the company

Suspected Entry: 62% match

Uploaded - ABCRetailersInternalControls.docx ALSO, SIGNED LETTERS FROM BOTH THE COMPANY’S CFO AND CEO THAT SWEAR UNDER OATH THAT THE INFORMATION IN THE BOOKS AND STATEMENTS IS CORRECT TO THE BEST OF THEIR KNOWLEDGE MUST BE PROVIDED TO THE AUDITING TEAM

Source - Another student's paper The company will be required to provide signed letters from the CFO and CEO swearing under oath that the statements and books are accurate according to their knowledge

Suspected Entry: 100% match

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Uploaded - ABCRetailersInternalControls.docx HAYES, R., WALLAGE, P., & GORTEMAKER, H

Source - Another student's paper Hayes, R., Wallage, P., & Gortemaker, H

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Uploaded - ABCRetailersInternalControls.docx PRINCIPLES OF AUDITING

Source - Another student's paper Principles of auditing

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Uploaded - ABCRetailersInternalControls.docx AN INTRODUCTION TO INTERNATIONAL STANDARDS ON AUDITING

Source - Another student's paper an introduction to international standards on auditing

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Uploaded - ABCRetailersInternalControls.docx PEARSON HIGHER ED

Source - Another student's paper Pearson Higher Ed

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Uploaded - ABCRetailersInternalControls.docx J (2016), TIPS FOR EVALUATING INTERNAL CONTROL DEFICIENCIES, RETRIEVED FROM HTTPS://WWW.WORKIVA.COM/BLOG/TIPS-EVALUATING-INTERNAL- CONTROL-DEFICIENCIES INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB)

Source - Another student's paper J (January 19, 2016), Tips for evaluating internal control deficiencies, Retrieved from https://www.workiva.com/blog/tips-evaluating-internal- control-deficiencies

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Uploaded - ABCRetailersInternalControls.docx COMMUNICATING DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH GOVERNANCE AND MANAGEMENT

Source - Another student's paper Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

Suspected Entry: 100% match

Uploaded - ABCRetailersInternalControls.docx INTERNATIONAL STANDARD ON AUDITING 265

Source - Another student's paper International Standard on Auditing 265

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Uploaded - ABCRetailersInternalControls.docx NEW YORK, NY

Source - Another student's paper New York, NY

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Uploaded - ABCRetailersInternalControls.docx KUMAR, R., & SHARMA, V

Source - Another student's paper Kumar, R., & Sharma, V

Suspected Entry: 100% match

Uploaded - ABCRetailersInternalControls.docx PRINCIPLES AND PRACTICE

Source - Another student's paper Principles and practice

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Uploaded - ABCRetailersInternalControls.docx PHI LEARNING PVT

Source - Another student's paper PHI Learning Pvt

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Uploaded - ABCRetailersInternalControls.docx PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (PCAOB)

Source - Another student's paper Public Company Accounting Oversight Board (PCAOB)

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Uploaded - ABCRetailersInternalControls.docx THE ACCOUNT PAYABLE MISSION IS TO PAY ONLY THE BILLS AND INVOICES OF THE COMPANY THAT ARE ACCURATE AND LEGITIMATE

Source - Another student's paper Regardless of the company's size, the mission of accounts payable is to pay only the company's bills and invoices that are legitimate and accurate

Suspected Entry: 86% match

Uploaded - ABCRetailersInternalControls.docx THROUGH THE ABC RETAILERS CASE STUDY, THIS PAPER WILL DISCUSS THE PROCESS OF EVALUATING IDENTIFIED CONTROL DEFICIENCIES, THE ANNUAL DISCLOSURE REQUIREMENTS FOR MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR), AND HOW TO DETERMINE THE EFFECT OF IDENTIFIED CONTROL DEFICIENCIES ON OTHER CONTROLS

Source - Another student's paper The ABC Retailers – Internal Controls case study is an opportunity to understand the process of evaluating identified control deficiencies, understand the annual disclosure requirements for management’s report on internal control over financial reporting (ICFR), and determine the effect of identified control deficiencies on other controls

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Uploaded - ABCRetailersInternalControls.docx MISSTATEMENTS MADE IN THE COMPANY FINANCIAL STATEMENT

Source - Another student's paper 1, Briefly explain the misstatements made in the company financial statement

Suspected Entry: 74% match

Uploaded - ABCRetailersInternalControls.docx ACCEPTING THE VENDOR CHANGE REQUEST AND MAKING PAYMENTS TO AN INCORRECT BANK ACCOUNT’ AFFECTED THE ACCOUNTS PAYABLE BALANCE WITH A LOSS OF $2 MILLION

Source - Another student's paper How did ‘accepting a vendor change request and making payments to an incorrect bank account’ affect the Accounts Payable balance

Suspected Entry: 86% match

Uploaded - ABCRetailersInternalControls.docx OBLIGATION AUDITORS HAVE IN TERMS OF COMMUNICATING THE RESULTS

Source - Another student's paper What kinds of obligation auditors have in terms of communicating the results

Suspected Entry: 71% match

Uploaded - ABCRetailersInternalControls.docx ALSO, THE MANAGEMENT WILL NEED TO DISCLOSE ALL THE POLICIES RELATED TO ITS MONEY TRANSFERS AND PAYMENTS TO ALL ITS VENDORS

Source - Another student's paper will need to disclose all policies relating to the transfer of money and payments to its vendors

Suspected Entry: 100% match

4/24/2021 SafeAssign Originality Report

https://mymasonportal.gmu.edu/webapps/mdb-sa-BB5a30bcf95ea52/originalityReportPrint?course_id=_421810_1&paperId=4250810847&&attemptId=d01eaa80-2eeb-49e6-a63c-25303f01d9a8&cou… 17/17

Uploaded - ABCRetailersInternalControls.docx AN AUDIT OF INTERNAL CONTROL OVER FINANCIAL REPORTING THAT IS INTEGRATED WITH AN AUDIT OF FINANCIAL STATEMENTS

Source - https://ir.ua.edu/bitstream/handle/123456789/2928/file_1.pdf An audit of internal control over financial reporting that is integrated with an audit of financial statements

Suspected Entry: 100% match

Uploaded - ABCRetailersInternalControls.docx AUDITING STANDARD NO

Source - https://pcaobus.org/Standards/Archived/PreReorgStandards/Pages/Auditi ng_Standard_5.aspx

Auditing Standard No

Suspected Entry: 100% match

Uploaded - ABCRetailersInternalControls.docx THE INTERNAL AUDIT FUNCTION

Source - http://commons.aaahq.org/hives/1a4d891d2d/posts? postTypeId=0&tagId=6364&sort=comments&view=full

internal audit function

Suspected Entry: 87% match

Uploaded - ABCRetailersInternalControls.docx RETRIEVED FROM HTTPS://DOI.ORG/10.1002/JCAF.22246

Source - Another student's paper Retrieved from https://doi.org/10.1002/jcaf.22280