Accounting Question

ACC 691 Module Two Assignment Guidelines and Rubric

Scenario

You are a staff accountant for Sea Coast Productions, an organization that films and promotes local tourism-related videos. Your supervisor is concerned about whether your organization has proper internal controls. You have been asked to review a case study of another organization to identify internal control weaknesses in that organization and relate it to potential weaknesses your organization might face. Your supervisor has asked you to write a report based on your findings.

The skills practiced in this assignment will help to support your work in Project Two.

Directions

Refer to the case study in the

Supporting Materials

section to write a report describing the internal controls that the organization should implement.

Specifically, you must address the following rubric criteria:

Describe the internal control weaknesses present in the case study.

Explain types of internal controls that can mitigate the fraud in the case study. Address the following types of fraud in your response:EmbezzlementLarcenyMisappropriation

Summarize satisfactory internal control procedures that could have prevented fraud in the case study.

What to Submit

Submit your report as a 1- to 2-page 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

Resource:

Harvard Case: Clueless in Seattle (With No Internal Controls)

This case study describes a scenario where three entrepreneurs start an organization and the situation that unfolded when the owners gave the organization’s controller too much authority with no internal controls.