Case Study on Audit and Internal Control
\nOverview
\nIn the United States, the management and auditors of publicly held companies must evaluate their internal controls annually. The purpose of the Assessment is to look for any control deficiencies. Doing so will help avoid any penalties such as the $10.5 million that the SEC imposed on Citigroup Inc. as a result of its internal controls failures. See the article from SEC.gov, Citigroup to Pay More Than $10 Million for Books and Records Violations and Inadequate Controls.You are an external auditor hired by Citigroup to perform an audit. You will be reporting to Citigroup\u2019s audit committee.Instructions
\nWrite a 2\u20133 page report for the audit committee in which you:<\/p>\n
Critique Citigroup\u2019s internal controls and the purpose they serve.
\nDistinguish between operation and design control deficiency.
\nDetermine the reasons that led Citigroup Inc. to pay $10.5 million in penalties.
\nRecommend techniques that will overcome the weaknesses of Citigroup\u2019s internal controls; justify the recommendation.
\nUse three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.
\nThis course requires the use of Strayer Writing Standards. For Helpance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:
\nEvaluate internal control as an indicator of effectiveness and accuracy of financial statements.<\/p>\n
—<\/p>\n
Audit and Internal Control Case Study<\/p>\n
Overview
\nIn the United States, publicly traded firms’ management and auditors are required to examine their internal controls on a yearly basis. The Assessment’s goal is to identify any control inadequacies. This will Help to avoid penalties such as the $10.5 million fine issued by the SEC on Citigroup Inc. for failing to maintain adequate internal controls. See the SEC.gov article, Citigroup to Pay More Than $10 Million for Violations of Books and Records and Inadequate Controls You are an independent auditor engaged by Citigroup to conduct an audit. You will be reporting to Citigroup\u2019s audit committee. Instructions<\/p>\n
Write a 2\u20133 page report for the audit committee in which you:<\/p>\n
Critique Citigroup\u2019s internal controls and the purpose they serve<\/p>\n","protected":false},"excerpt":{"rendered":"
Case Study on Audit and Internal Control Overview In the United States, the management and auditors of publicly held companies must evaluate their internal controls\u2026<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8783,8777,7650,8780,8779,8778,8781,8782],"tags":[704,702,687,211,699,215,706,68,208,686,210,705,701,703,697,157,33,698,209,700,685],"class_list":["post-92462","post","type-post","status-publish","format-standard","hentry","category-assignment-help-uk-no-1-writing-services-company","category-assignment-uk-assignment-writing-service-assignment-help","category-assignment-writing-help","category-assignment-writing-help-in-london","category-best-assignment-writing-service-uk","category-best-essay-writing-services-in-uk-online-essay-help","category-uk-assignment-writing","category-uk-assignment-help-services-from-best-writing-experts","tag-apn-nursing-help","tag-assignment-help-online-free-help-with-assignment-online","tag-assignment-help-website","tag-best-website-for-nursing-assignment","tag-dnp-nursing-help","tag-do-my-nursing-homework","tag-get-help-with-assignments","tag-healthcare-homework-help","tag-help-with-nursing-assignment","tag-help-writing-online-assignment-homework","tag-homework-help-for-nursing-school","tag-medical-assignment-help","tag-msn-nursing-help","tag-need-help-with-assignment","tag-nursing-capstone-help","tag-nursing-dissertation-help","tag-nursing-essay-help","tag-nursing-help-websites","tag-nursing-homework-website","tag-nursing-school-help-sites","tag-online-writing-assignments-for-pay"],"_links":{"self":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/92462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/comments?post=92462"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/92462\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=92462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=92462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=92462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}