Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. And a good performance of internal control is beneficial to make the company’s financial report more reliable. To indicate: The significant reasons assuming that the control deficiency was a material weakness, for each cases

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Chapter 7, Problem 7.37P

To determine

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Internal control is a procedure designed by a company, to ensure whether the company’s financial or operational process is done according to the company’s regulations/policies and helps to make operations more efficient and effective. And a good performance of internal control is beneficial to make the company’s financial report more reliable.

To indicate: The significant reasons assuming that the control deficiency was a material weakness, for each cases

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