ACC544 Week 3 Internal Control Evaluation Checklist

ACC 544 Week 3 Internal Control Evaluation Checklist:Preparea comprehensive checklist for evaluating internal controls.Usethe checklist to outline phases of the control evaluation.The assignment for this week challenges you to contemplate internal controls and provide a comprehensive checklist to evaluate those controls. The checklist also challenges you to think of orderly phases for efficiency and thoroughness. This assignment is very important and as I grade your assignments for this week, I will look for comprehensive, usable, and organized logical phases from your checklist. I have provided two examples of what I expect to see in this week’s assignment. As I have advise to many prior students; is to focus on one specific area of control when working on this assignment (for ex: petty cash, human resources, AR, AP, inventory…etc…). Try to break down the specific area of control on a specific task and this will make your assignment so much easier to complete. Also, set yourself looking from a CPA’s point of view that if you were to review your client’s internal controls for a specific area of control, what are you evaluating? What are the details of that area of control? Etc…The checklist must breakdown the three Phases: Phase 1: UnderstandingPhase 2: AssessmentPhase 3: TestingAlong with the phases you should identify your assignment with the following internal control evaluation major components:1. Control Environment2. Risk Assessment3. Control Activities4. Information and Communication5. Monitoring.