Southern Engineering Limited has undergone a period of substantial growth following its establishment five years ago by two engineers. Because of lack of accounting expertise within the company it has traditionally looked to its auditors, Antwi Bosiako & Associates, for accounting services in preparation of annual financial statements as well as the statutory audit function. Antwi Bosiako & Associates have also provided advice in connection with the company’s accounting and internal control systems. State and explain the types of internal control giving an illustration of each type of control as it might be found in Southern Engineering Ltd.’s system for purchasing of materials and control of stock Antwi Bosiako & Associates is a two partner firm certified accountants whose clients are mainly sole traders, partnerships and small limited companies. Although Southern Engineering Ltd was originally a typical small company client, its growth over the last five years has meant that it now accounts for approximately 20% of Antwi Bosiako & Associates gross fee income and the company has indicated that it may wish to issue shares on the unlisted market in the near future. During the course of their five-year period as auditors of Southern Engineering Ltd. Antwi Bosiako & Associate have been particularly concerned that the company, as it grew, should develop internal control systems appropriate to its size and complexity.
Southern Engineering Limited has undergone a period of substantial growth following its establishment five years ago by two engineers. Because of lack of accounting expertise within the company it has traditionally looked to its auditors, Antwi Bosiako & Associates, for accounting services in preparation of annual financial statements as well as the statutory audit function. Antwi Bosiako & Associates have also provided advice in connection with the company’s accounting and internal
Antwi Bosiako & Associates is a two partner firm certified accountants whose clients are mainly sole traders, partnerships and small limited companies. Although Southern Engineering Ltd was originally a typical small company client, its growth over the last five years has meant that it now accounts for approximately 20% of Antwi Bosiako & Associates gross fee income and the company has indicated that it may wish to issue shares on the unlisted market in the near future.
During the course of their five-year period as auditors of Southern Engineering Ltd. Antwi Bosiako & Associate have been particularly concerned that the company, as it grew, should develop internal control systems appropriate to its size and complexity.
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