Field exercises.
a. Through observation and/or interview, collect information about internal control over inventory from a local retail establishment such as a bookstore, coffee shop, or discount store. How does the information you collected about processes, procedures, and documents align with the information presented in the chapter?
b. Read the articles listed below about actual internal control breaches. In each case, suggest at least two internal controls the company needs to institute.
i. “Big Banks Face Fines on Role of Servicers,” The Wall Street Journal Online, 16 February 2011.
ii. G. Heslop and L. Kapp, “An Institutional Response to Fraud, Scandal and Embarrassment—The Dallas Independent School District Procurement Card Case,” Journal of Leadership, Accountability and Ethics, December 2010.
iii. B. Leonard, “When HR Goes Bad,” HR Magazine, January 2011.
c. The chapter presented a simple risk/control matrix. Read the articles listed below and summarize their main points with respect to the same topic.
i. R. Egerdahl, “A Risk Matrix Approach to Data Processing Facility Audits,” Internal Auditor, June 1995.
ii. J. Roth and D. Espersen, “The Matrix Revisited,” Internal Auditor, August 2004.
d. Point your Web browser to the COSO Web site (www.coso.org). Find the executive summary for Internal Control over Financial Reporting—Guidance for Smaller Public Companies.List the 20 principles the document offers as guidance.
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