The Role of Internal Controls
Overview
In the United States, the managers and auditors of publicly held companies evaluate their internal controls annually. The purpose of the evaluation is to look for any control deficiencies that might lead to the inaccuracy of the company’s financial reporting. In this assignment, you will demonstrate your understanding of internal controls and the role they play in the company you selected for the course assignments.
Instructions
Write a 2–3 page paper in which you cover the following:
- Explain each of the components of internal controls, including how each component functions to guarantee accurate financial reporting.
- Turning to the company you selected for the course assignments, evaluate your company’s internal controls; and explain any weaknesses that could lead to a financial scandal.
- Explore how artificial intelligence (AI) may be used in internal audits. Research examples of AI tools that improve processes in internal audits and explain how these may impact the work of internal auditors. Include at least 3 specific examples of AI automation tools.
- Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.
The specific course learning outcome associated with this assignment is:
- Evaluate a company’s internal controls and their impact on the accuracy of a company’s financial reporting.
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