Scenario
A company has hired you as a new controller. For the past 10 years, the company has used paper-based documents for financial reporting. The CEO has decided to move over to a computer-based accounting system. As you begin to gather documents, you notice that the original controller did not have a clear filing system, the documents are unorganized, and you feel some documents may be missing.
In the first few weeks of your transition, you meet with each member of your accounting team to review their duties. When you meet with members of the team, you are informed that the previous controller did not use a clear monitoring system. When asked, team members were unclear about who monitored whom. You know that the lack of clarity will impact financial statements.
As you begin to prepare for the first board meeting, you go back to previous records. The CFO has told you that monthly financial statements must be completed by the 10th of each month. Looking through the records, you notice that the previous controller wasnt completing the financial statements until around the 15th of the month.
This assignment will strengthen your abilities to use professional standards to justify internal controls in financial reporting, which will support your work in your project.
Directions
Write a memo to the CFO as the new internal controller regarding the current situation of financial reporting.
Specifically, you must address the following rubric criteria:
- Explain one area of concern from the scenario that relates to financial reporting. Include the following in your response:
- Professional accounting standard of concern
- Purpose of professional standards in financial reporting
- Violation of internal control
- Analyze the relationship between internal controls and financial reporting based on the area of concern identified from the scenario. Include the following in your response:
- Ethical considerations
- Provide suggestions to remediate the area of concern identified from the scenario. Include the following in your response:
- Suggested internal control implementation
- Professional accounting standards for remediation
What to Submit
Submit your memo as a 2- to 3-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.
AI Usage
If you use gen AI tools to support your work on this assignment, be sure to follow . You must acknowledge your use of these tools in your work. Guidelines on how to cite AI tools can be found in .
Module Two Activity Rubric
| Criteria | Exceeds Expectations (100%) | Meets Expectations (90%) | Partially Meets Expectations (70%) | Does Not Meet Expectations (0%) | Value |
|---|---|---|---|---|---|
| Area of Concern | Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner | Explains one area of concern from the scenario that relates to financial reporting | Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to explaining one area of concern from the scenario that relates to financial reporting | Does not attempt criterion | 30 |
| Relationship Between Internal Controls and Financial Reporting | Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner | Analyzes the relationship between internal controls and financial reporting based on the area of concern identified from the scenario | Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to analyzing the relationship between internal controls and financial reporting based on the area of concern identified from the scenario | Does not attempt criterion | 30 |
| Suggestions | Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner | Provides suggestions to remediate the area of concern identified from the scenario | Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to providing suggestions to remediate the area of concern identified from the scenario | Does not attempt criterion | 30 |
| Clear Communication | Exceeds expectations 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 toward meeting expectations, but communication is inconsistent or ineffective in a way that negatively impacts understanding | Shows no evidence of consistent, effective, or organized communication | 5 |
| Citations and Attributions | 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 | 5 |
| Total: | 100% | ||||
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