Acc 410 Wk 3 Assignment

ACC 410 WK 3 Assignment

Feb 13, 2017

Case 1

Significant deficiency – This could have been a control deficiency because they had a routine transactions that were not material, however because they didn't have a process in place to ensure procedures that were performed on timely basis and doesn't perform monthly procedures to investigate larger dollar differences.

Case 2

Material weakness – Three deficiencies were identified, being they could cause misstatement because they couldn't be detected in timely manner because transactions were not recorded properly.

Case 3

Significant deficiency – They do not review standard shipping terms that could delay timing of recognition which could result is misstatements.

Case 4

Material weakness – By modifying the terms of contracts which are sometimes unauthorized or unrecorded without knowledge of accounting department. These are weaknesses that may result is material misstatements not being detected in timing manner which have occurred over past few years.

Case 5

Significant deficiency – Having past material overstatement has been recognized, which resulted from software. They are aware of problem and are on top of it so it doesn't happen again.

Case 6

Material weakness – They had the opportunity with learning from prior misstatements, however there were still misstatements that were found which mean that they can still occur again because they allowed it to happen again.

Case 7

Control deficiency – Financial officer has been informed that proper measures have been acquired with adequate courses that will prevent misstatements from happening again.

Case 8

Significant deficiency – Having differences of opinion of who is right, and just agreeing to keep the peace has a likelihood that misstatements will occur without proper knowledge of reasonable estimates.