Case questions

Read the article on the given Accounting fraud,

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Part I

What are the key control weaknesses in the case with reference to COSO? Review sub-components of the Internal Environment, starting with Integrity and Ethical values, which apply here. Suggest specific internal controls to reduce or eliminate these weaknesses. Each control should directly relate to the weakness you have identified.

Part II

Review the COSO components other than Internal Environment- Objective setting, etc. (except Control Activities). What are the key control weaknesses? Suggest specific internal controls for each weakness.

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Answer with reference to COSO framework, as given in Chapter 6.

As you read COSO, you will notice that it has several components, starting with Internal environment. In turn, this has sub components, such as Integrity and ethics. Then there are sub sub components, such as IT Governance has a few.

You need to identify each COSO component/sub component relevant to the case and write it in a ‘row’. Then, write about the internal control weakness, in a line or so, in second column. Finally, suggest one or additional internals control you recommend to handle this weakness, in third column. This control/s should be detailed, with at least 5-6 sentences each. And so on, to the next COSO component/sub component, weakness, and related control/s.

In total, this should cover at least 5 components/subcomponents, with at least one of these from the Internal Environment.

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