ACCT 2101 Study Guide - Internal Audit, Internal Control, Financial Statement
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ACCT 2101 Full Course Notes
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Document Summary
While examining the company alchemy inc, our group discovered many internal control problems that were not in accordance with section 404. We also uncovered issues with production processes and inefficiencies within the corporation. Alchemy is not operating under the requirements of sarbanes oxley. 2004 the company had not performed any internal audits. In our examination of the company we will be discussing how. Alchemy"s internal controls are not in accordance with sarbanes oxley. We will also address some of their inefficient processes involving the production of spheres and its relationship to cavr. The background for the company leads to many of the problems they are experiencing. One of the more significant events affecting the company"s past and present involves the ceo and cfo tearing the audit committee apart in 1996 and reforming it again in 2004. In addition to the restructuring of the auditing branch, the experience of the internal audit committee was about 2. 5 years.
