In this project, you will demonstrate your mastery of the following competency:
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.
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:
To complete this project, you must submit the following:
Memo
Submit a 3- to
-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.
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.
| 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: |
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