XACC 280 Week 8 Assignment - Internal Controls

Assignment Internal Controls
• Write a 750-1050 word paper in APA format, including citations and references, summarizing your ideas about internal controls
• Include the following
o An introduction to internal controls, explaining in your own words the two primary goals of internal control
o A comparison of the internal control principles of (1) establishing responsibilities (2) using physical, mechanical and electronic controls (3) segregation of duties, and (4) independent internal verification
o A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls
o An explanation of why a company that announces deficiencies in its internal controls would probably experience a fall in the price of its stock
o A synopsis of what you consider to be the limitations of internal controls – Cite specific examples
o A conclusion that summarizes your main points
Post your completed paper as an attachment


Principles of Internal Controls
Have you ever considered how internal controls help companies and organizations’ get to where they want or need to be, while at the same time avoiding any major pitfalls? Internal controls are designed to help companies and organizations reach specific goals and objectives. On a transactional basis, internal controls are the actions taken to accomplish a specific objective. In this paper we will discuss the two primary goals of internal controls, how the Sarbanes-Oxley Act of 2002 has affected internal controls, how deficiencies in internal control cause a fall in the price of stock, and some of the limitations of internal controls.
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