Homework: Modified SWOT Analysis
In the United States, the management and auditors of publicly held companies must evaluate their internal controls annually. The purpose of the evaluation is to look for any control deficiencies. Doing so will help avoid any penalties such as the $10.5 million that the SEC imposed on Citigroup Inc. as a result of its internal controls failures. See the article from SEC.gov, Citigroup to Pay More Than $10 Million for Books and Records Violations and Inadequate Controls.
You are an external auditor hired by Citigroup to perform an audit. You will be reporting to Citigroup`s audit committee.
Instructions
Write a 2 to 3 pages report for the audit committee in which you:
Question A. Critique Citigroup`s internal controls and the purpose they serve.
Question B. Distinguish between operation and design control deficiency.
Question C. Determine the reasons that led Citigroup Inc. to pay $10.5 million in penalties.
Question D. Recommend techniques that will overcome the weaknesses of Citigroup`s internal controls; justify the recommendation.
The specific course learning outcome associated with this homework is:
A. Evaluate internal control as an indicator of effectiveness and accuracy of financial statements.
BEN02 Planning and Presenting a Micro-Enterprise Idea BTEC Level 1/2
Read MoreBTEC Unit 35: Engineering Services Delivery Plan for Sector-Specific Organizations | HND Level 5 Assignment 2
Read MoreTQUK Level 3 Administering Medication and Monitoring Effects in Adult Care Assignment
Read MoreUnit 10: 3D Modelling and Assembly Drawing for Vice – Engineering Design Portfolio BTEC Level 3
Read MoreWhy is it important that you correlate the appropriate information of the patient when they arrive for their appointment?
Read MoreNCFE Level 3 Roles and Responsibilities in Health And Social Care
Read MoreMP3395 Turbocharger Performance Evaluation and System Analysis CW2 Assessment, AY2024-25
Read MoreKey Research Policies and Funding Models at University of Strathclyde
Read MoreCIPD Level 5 Associate Diploma Key Assessment Questions
Read MoreLaw Assignment Questions Critical Legal Analysis & Solutions
Read More