5-1 Project One

ACC 691 Project One Guidelines and Rubric

Competency

In this project, you will demonstrate your mastery of the following competency:

• Evaluate internal controls using the COSO framework

Scenario

You are an internal auditor working in mergers and acquisitions for a large international corporation. The corporation recently acquired Brainiac Toys, a midsize, family-owned, private company. As part of the standard due diligence required in acquisitions, you will be helping conduct an audit of the acquired Brainiac Toys. Your manager has asked you to evaluate Brainiac Toys’s internal controls and financial reporting against accepted accounting standards.

This project will help you apply the Treadway Commission Committee of Sponsoring Organizations (COSO) framework in assessing the success of internal controls.

Directions

Using the supporting materials and the COSO framework, report the results of your audit in a memo to your supervisor. In the memo, include the following:

1. Summarize the internal controls of Brainiac Toys.Determine Brainiac Toys’s potential risks based on the COSO framework.Determine which internal controls of Brainiac Toys are ethical and aligned, according to the COSO framework.Identify weaknesses that might exist with the current internal controls of Brainiac Toys.Summarize how the deficiencies in Brainiac Toys’s controls were determined.

What to Submit

To complete this project, you must submit the following:

Memo

Submit a 3- to

5

-page memo as a Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.

Supporting Materials

The following resources support your work on the project:

Resource:

Project One Company Introduction

This Word document clarifies the background, the characters, and other information needed to complete the memo.

Project One Rubric

)

Controls

Potential RisksExceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner

Does not attempt criterion

Ethical and AlignedExceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner

Does not attempt criterion20

WeaknessesExceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner

Does not attempt criterion15

DeficienciesExceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner

Does not attempt criterion20

Clear Communication

5

Citations and Attributions

5

100%

Criteria	Exemplary (	100%	Proficient (90%)	Needs Improvement (70%)	Not Evident (0%)	Value
				Exceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner	Summarizes the internal controls of Brainiac Toys	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include adding details related to the internal controls of Brainiac Toys					Does not attempt criterion			20
Determines Brainiac Toys’s potential risks based on the COSO framework	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include adding details related to Brainiac Toys’s potential risks based on the COSO framework		15
Determines which internal controls of Brainiac Toys are ethical and aligned, according to the COSO framework	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include adding details related to which internal controls of Brainiac Toys are ethical and aligned, according to the COSO framework
Identifies weaknesses that might exist with the current internal controls of Brainiac Toys	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include adding details related to weaknesses that might exist with the current internal controls of Brainiac Toys
Summarizes how the deficiencies in Brainiac Toys’s controls were determined	Shows progress toward proficiency, but with errors or omissions; areas for improvement may include adding details related to how the deficiencies in Brainiac Toys’s controls were determined
Exceeds proficiency with an intentional use of language that promotes a thorough understanding	Consistently and effectively communicates in an organized way to a specific audience	Shows progress towards proficiency, but communication is inconsistent or ineffective in a way that negatively impacts understanding	Shows no evidence of consistent, effective, or organized communication
Uses citations for ideas requiring attribution, with few or no minor errors	Uses citations for ideas requiring attribution, with consistent minor errors	Uses citations for ideas requiring attribution, with major errors	Does not use citations for ideas requiring attribution
Total: