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Essay / Research Paper Abstract
A 4 page paper identifying internal control activities and discussing how the concepts of internal control affect the development GAAP accounting standards and how GAAP accounting standards affect the internal controls implemented. The paper begins with the COSO (Committee of Sponsoring Organizations of the Treadway Commission) definition of control activities. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSacctIntCont.rtf
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Unformatted sample text from the term paper:
- Integrated Framework, is available only through purchase (AICPA, $28). I have substituted another source (Hubbard, 2003) for internal controls. Uncited quotes are from the original order. Introduction
Information management company Christenson Velagio Inc. gained a new CEO in 2004, one who came into a situation in which many challenges awaited.
One of those challenges was that "because of internal accounting control weakness within the company, GAAP ... compliant financial statements for 2001 and 2002 cannot be produced" (Strom, 2004; p.
1). This would have been a shameful situation prior to 2002, a cause for true shame within the accounting community and a hardship
for the companys management. Fortunately for all responsible for the companys financial accounting, it is a private company and so not subject to the constraints of Sarbanes-Oxley. Otherwise
its internal control weaknesses could win the CEO a free trip to jail and the company a significant fine. At the very least, past deficiencies prevent the company from
reporting within the guidelines of GAAP for at least two years. Internal Control The Committee of Sponsoring Organizations of the Treadway Commission (COSO)
discusses internal controls in its report, Enterprise Risk Management - Integrated Framework. COSO defines internal control as a "process to provide reasonable assurance of accomplishing objectives" (Hubbard, 2003).
It "helps achieve objectives relating to reliability of financial reporting, compliance with laws and regulations, and effectiveness and efficiency of operations" (Hubbard, 2003) and contains five components for which management
is fully responsible. Hubbard (2003) explains that COSO displays internal control components in the shape of a pyramid, "with control environment as the
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