Making choices and exercising judgment.
a. Consider the four vignettes presented in the last section of the chapter. For each one, suggest one additional internal control procedure. Discuss whether the procedure you suggest is preventive, detective, or corrective; also identify the type of risk it is designed to control based on the risk categories discussed in the chapter.
b. Hassan and Ashok are employed by one of the Big Four CPA firms. Both have recently earned their CPA licenses, however, and are considering starting their own practice. Using Brown’s risk taxonomy, identify and describe at least five risks Hassan and Ashok must be aware of if they start their own business. For each risk you identify, suggest one or more internal controls that could ameliorate it.
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