In the United States of America, the management and auditors of \u00a0public held companies must evaluate their internal controls annually. \u00a0The purpose of the evaluation is to look for any control deficiencies. \u00a0Doing so will help avoid any penalties such as the $10.5 million that \u00a0the SEC imposed on Citigroup Inc. as a result of its internal controls \u00a0failures.\u00a0See the article from SEC.gov,\u00a0Citigroup to Pay More Than $10 Million for Books and Records Violations and Inadequate Controls. <\/p>\n
You are an external auditor hired by Citigroup to perform an audit. You will be reporting to Citigroup\u2019s audit committee.\u00a0 <\/p>\n
Instructions <\/p>\n
Write a 2\u20133 page report for the audit committee in which you:\u00a0 <\/p>\n
Critique Citigroup\u2019s internal controls and the purpose they serve. \u00a0 <\/p>\n
Distinguish between operation and design control deficiency.\u00a0 <\/p>\n
Determine the reasons that led Citigroup Inc. to pay $10.5 million in penalties.\u00a0 <\/p>\n
Recommend techniques that will overcome the weaknesses of Citigroup\u2019s internal controls; justify the recommendation. \u00a0 <\/p>\n
Use three sources to support your writing. Choose sources that are \u00a0credible, relevant, and appropriate. Cite each source listed on your \u00a0source page at least one time within your assignment. For help with \u00a0research, writing, and citation, access the library, or review library guides. <\/p>\n
This course requires the use of Strayer Writing Standards. For \u00a0assistance and information, please refer to the Strayer Writing \u00a0Standards link in the left-hand menu of your course. Check with your \u00a0professor for any additional instructions. <\/p>\n
The specific course learning outcome\u00a0associated with this assignment is: <\/p>\n
Evaluate internal control as an indicator of effectiveness and accuracy of financial statements.\u00a0 <\/p>\n","protected":false},"excerpt":{"rendered":"
In the United States of America, the management and auditors of \u00a0public held companies must evaluate their internal controls annually. \u00a0The purpose of the evaluation is to look for any control deficiencies. \u00a0Doing so will help avoid any penalties such as the $10.5 million that \u00a0the SEC imposed on Citigroup Inc. as a result of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[16],"class_list":["post-16963","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-accounting"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/16963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=16963"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/16963\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=16963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=16963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=16963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}