Internal Controls: A Compendium of Short Cases

For Internal Controls: A Compendium of Short Cases, choose 4 of the 6 short cases and answer its respective questions below. Reponses should be well written, in paragraph form, using proper grammar and citations for any writing not your own.

Case 1

  • What were your initial thoughts of Jeff Smith’s performance as Controller? Given what happened later in this case, are you surprised given your perception of Jeff Smith? Explain.
  • What internal controls could have been in place to prevent this from happening?

Case 2

  • Describe the flaws in RME’s credit authorization process, and what recommendations you would suggest to implement in the process.
  • As the auditor, what other information (not given in the case) might you inquire about related to the overall sales cycle / process? Why would you be interested in such information?

Case 3

  • Use the questions as stated in the case (answer both).

Case 4

  • For purposes of evaluating internal controls, how does your client upgrading its accounting software impact your audit risk? Explain.
  • Discuss the upsides and downsides of allowing remote access to the company’s system. Be sure to include internal control considerations in your responses.

Case 5

  • What factors should an organization take into considerations when contemplating a keep in-house vs outsource decision for a key process? Be sure to include at least some internal control considerations in your response.
  • Describe at least three internal control weaknesses related to computer and data security at AAA prior to the flood occurrence. For each weakness, make a suggestion of a control, policy, procedure, etc as to what would have promoted stronger computer security.

Case 6

  • Describe how you as Controller would design the employee reimbursement process to avoid the issues that occurred related to damaged vehicles subsequent to the accident at the local plant.

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