We generally only hear of scandal and material control weakness impacting public companies through our traditional media outlets. Evaluation of internal controls is just as important in privately held companies and small businesses. Research internal controls using the textbook online library resources and the Internet.
Sources to use:
The U.S. Securities and Exchange Commission. (2005 April). SEC charges Deloitte & Touche and two of its personnel for failures in their audit of Just for Feet. Retrieved from http://www.sec.gov/news/press/2005-66.htm
The American Institute of Certified Public Accountants. (n.d.). Statements on auditing standards. Retrieved from http://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx
The American Institute of Certified Public Accountants. (n.d.). Statements on auditing standards. Retrieved from http://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx
Respond to the following: