too many internal controls . Unnecessary controls place added burden on staff and cost the company thousands of dollars in monitoring and maintenance .
Your role will be to provide an overview of the company and its market industry . From this you will formulate your processes into a comprehensive flowchart that will be used to identify gaps in processes and other threats to potential audit weaknesses
The project is divided into four milestones , which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions . These milestones will be submitted in Modules Two , Four , Six , and Seven . The final product will be submitted in Module Nine
In this assignment , you will demonstrate your mastery of the following course outcomes :
Transcribe formalized or verbal financial processes into both narrative and process flowcharts for identifying gaps resulting in potential material weaknesses
Summarize advantages and disadvantages of various accounting electronic data processing systems with respect to a specific industry ’ s needs
Perform substantive testing of accounting systems to ensure processes described by management are accurately reflected within system transactions
Formulate recommendations for improvements to financial processes based on outcomes of testing
Assess the effectiveness of companies ’ internal control structures for producing accurate and reliable financial reports
Interpret standards as outlined in ISACA and the Public Company Accounting Oversight Board as they relate to compliance within specific industries