Deliverable # 1 – Assignment – Week 3 FOR CORRECTION

WEEK 3: COURSE PROJECT DELIVERABLE #1

Criteria

Ratings

Pts

This criterion is linked to a Learning OutcomeScene 1 - Question 1

What challenges are facing the accounting and internal audit departments in keeping up with a fast growing public company.

5.0 pts

This criterion is linked to a Learning OutcomeScene 1 - Question 2

Since the company's IPO three years earlier, it has "graduated" from the designation of an emerging growth company (EGC) to a large accelerated filer. How has this affected the external auditor?

5.0 pts

This criterion is linked to a Learning OutcomeScene 1 - Question 3

What evidence exists that a component in the fraud triangle is being compromised? Be specific about the behavior you have observed.

5.0 pts

This criterion is linked to a Learning OutcomeScene 1 - Question 4

What role should internal audit play in ensuring adequate controls?

5.0 pts

This criterion is linked to a Learning OutcomeScene 2 - Question 1

State the evidence that LDC is a fast-growing startup. Comment on the reasons why the critical support functions of accounting and internal audit are busy and under stress. Is this typical in a start-up?

10.0 pts

This criterion is linked to a Learning OutcomeScene 2 - Question 2

The external auditor has noticed the accounting department is under stress and has raised the issue with the audit committee chair. Given his oversight responsibilities, should the audit committee chair be more proactive?

5.0 pts

This criterion is linked to a Learning OutcomeScene 2- Question 3

What additional questions should the audit committee chair ask of the external auditor? Of internal audit? Of the CFO about his finance team?

15.0 pts

Total Points: 50.0