How to submit Submit a hard copy and by e-mail to your professor. The e-mail submission should use the following name convention:

accounting

Description

How to submit Submit a hard copy and by e-mail to your professor. The e-mail submission should use the following name convention: ACCT3003_NoX_YourInitialYourName.ext, where where X is the Number of the submission, YourInitial is the initial of your first name, and YourName is your family or last name. The ext is the file extension which may be either a docx Word document or an xlsx Excel document.


Purpose The purpose of this assignment is for you to become familiar with the practical implementation of a system of internal control. You may one day join a start-up company where there are no controls of any kind. You will have to create a system of controls which will help ensure the financial statements are prepared fairly in accordance with GAAP. 

Once you are familiar with some of the detailed internal controls, you can expect to be tested on these details on your final exam. For example, when you make your middle three submissions, you will be required to describe your systems of controls over cash receipts and cash disbursement. You would be expected to know these controls at a detailed level. You would only be expected to understand controls over inventory at a general level. 


Where are the marks? 

In this first submission any reasonable effort should get a full five marks. An auditor first has to understand the organization and how it operates. This will help identify key risks. Your financial statements should reflect somewhat your production. If you say you have sold 1,000 units and have 10 people in production, then each person makes about 100 units or one every 2.5 days. Does this make sense in the context of your organization? 

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