Internal Controls Discussion Assignment

Internal Controls Discussion Assignment1. According to PCAOB Auditing Standard (AS 2201) (https://pcaobus.org/Standards/Auditing/Pages/AS2201.aspx), what factors should auditors consider when evaluating the severity of a deficiency in a control that directly addresses a risk of material misstatement?2. PCAOB AS 2201 distinguishes the difference between a deficiency in design and a deficiency in operation. Does the Assistant Controller’s failure to adequately review the Vendor Change Form represent a deficiency in the design or operating effectiveness of the control?3. Based on guidance in AS 2201, determine if the failure in the vendor request change form control indicative of a material weakness in internal control over financial reporting.4. SEC Regulation S-K requires that management provide a report on a registrant’s ICFR in the company’s Form 10-K. Assuming the company and the auditor concluded that this internal control failure indicates a material weakness in internal control, what information would the company be expected to disclose?5. In light of the identified deficiency, auditors should consider a possibility that the deficiency may have an impact on other controls, and/or the similar problem may exist in other controls. What implications does the failure to adequately review the Vendor Change Form have on other controls?The list above does not present a complete list of issues related to the topic. You may additionally discuss other issues relevant to the audit process of internal control in your paper.FormatLength of the paper: minimum 2000 words (no more than 2500) (on double-spaced pages) PLUS a list of references (make sure you follow an appropriate introduction, conclusion and reference format).Follow APA formatting guidelines: The guidelines are described athttps://owl.english.purdue.edu/owl/resource/560/01…Margins: 1” (Left justification ONLY).Font: Times New Roman, 12 point.Headings and Subheadings: Use them as appropriate.Do not forget Page Numbers.Requirements: 2000 words maximum | _____________________Order any type of Service We Provide We are the best assignment service that can satisfy student’s demands in different scientific fields. We perform tasks of any kind. Our specialists provide diverse custom assignment writing services to students from all over the world every day. You can contact us for assistance with: • Essays of any type (application, scholarship, argumentative, personal, informative, persuasive, compare and contrast, narrative, analytical, cause and effect, critical, process, descriptive, expository essays); • Homework, • Assignments, • Reviews of all types (for a book, an article, or a film), • Reports, • Annotated bibliography, • Projects, • Thesis, • Term papers, • Presentations, • Lab works, • Research papers, • Speeches, • Critical thinking, • Capstone projects; • plan; • Coursework’s; • Dissertations. The list is far from complete! Representatives of our student assignment service are connoisseurs of the peculiarities of presentation in regards to academics.  Distinguished(100%)Proficient(85%)Basic(70%)Below Expectations(50%)Non-Performance(0%)Thesis StatementRaises the strongest   objection to the thesis presented in the assignment. The objection is strongly grounded in research and logical reasoning.Raises a plausible objection to the thesis presented in the assignment. The objection is mostly grounded in research and logical reasoning. Raises an objection to the thesis presented in the assignment. The objection is somewhat grounded in research and logical reasoning.Attempts to raise an objection to the thesis presented in the assignment. The objection is minimally grounded in research and logical reasoning. The objection to the thesis is either nonexistent or lacks the components described in the assignment instructions.Counter ArgumentProvides a strong, thorough rebuttal to the objection. The rebuttal effectively demonstrates that the thesis can withstand the objection and applies the principles of charity and accuracy. Provides a rebuttal to the objection. The rebuttal mostly demonstrates that the thesis can withstand the objection and mostly applies the principles of charity and accuracy. Provides a  limited rebuttal to the objection. The rebuttal somewhat demonstrates that the thesis can withstand the objection and somewhat applies the principles of charity and accuracy. Attempts to provide a rebuttal to the objection; however, the rebuttal minimally demonstrates that the thesis can withstand the objection and does not apply the principles of charity and accuracy. The rebuttal is either nonexistent or lacks the components described in the assignment instructions.Conclusion– Provides clear and concise closing remarks that comprehensively summarize the essay. The remarks consider the broader controversy and/or further research that could offer additional insight into the moral solution of the business problem. Provides closing remarks that summarize the essay. The remarks mostly consider the broader controversy and/or further research that could offer additional insight into the moral solution of the business problem. The closing remarks are somewhat unclear. Provides closing remarks that minimally summarizes the essay. The remarks minimally consider the broader controversy and/or further research that could offer additional insight into the moral solution of the business problems. The closing remarks are unclear and/or vague. Attempts to provide closing remarks that summarize the essay, however, the remarks do not consider the broader controversy and/or further research that could offer additional insight into the moral solution of the business problem. The closing remarks are unclear and vague.The closing remarks are either nonexistent or lack the components described in the assignment instructions. Written Communication: Context of and Purpose for Writing Demonstrates methodical application of organization and presentation of content. The purpose of the writing is evident and easy to understand. Summaries, quotes, and/or paraphrases fit naturally into the sentences and paragraphs. Paper flows smoothly. Demonstrates sufficient application of organization and presentation of content. The purpose of the writing is, for the most part, clear and easy to understand. There are some problems with the blending of summaries, paraphrases, and quotes. Paper flows somewhat smoothly.Demonstrates a limited understanding of organization and presentation of content in written work. The purpose of the writing is somewhat evident but may not be integrated throughout the assignment. There are many problems with the blending of summaries, paraphrases, and quotes. Paper does not flow smoothly in all sections. Organization and presentation of content are extremely limited. The purpose of the writing is unclear. There is little or no blending of summaries, paraphrases, and quotes. Paper does not flow smoothly when read. . Written Communication: Control of Syntax and Mechanics – Displays meticulous comprehension and organization of syntax and mechanics, such as spelling and grammar. Written work contains no errors and is very easy to understand. Displays comprehension and organization of syntax and mechanics, such as spelling and grammar. Written work contains only a few minor errors and is mostly easy to understandDisplays basic comprehension of syntax and mechanics, such as spelling and grammar. Written work contains a few errors which may slightly distract the reader. Fails to display basic comprehension of syntax or mechanics, such as spelling and grammar. Written work contains major errors which distract the reader. . Written Communication: Required Formatting Accurately uses required formatting consistently throughout the paper, title page, and reference page. Exhibits required formatting throughout the paper. However, layout contains a few minor errors.Exhibits limited knowledge of required formatting throughout the paper. However, layout does not meet all requirements. Fails to exhibit basic knowledge of required formatting. There are frequent errors, making the layout difficult to distinguish as required style. . Written Communication: Word Requirement The length of the paper is equivalent to the required number of words.The length of the paper is nearly equivalent to the required number of words. The length of the paper is equivalent to at least three quarters of the required number of words.The length of the paper is equivalent to at least one half of the required number of words. . Written Communication: Resource RequirementUses more than the required number of scholarly sources, providing compelling evidence to support ideas. All sources on the reference page are used and cited correctly within the body of the assignment. Uses the required number of scholarly sources to support ideas. All sources on the reference page are used and cited correctly within the body of the assignment. Uses less than the required number of sources to support ideas. Some sources may not be scholarly. Most sources on the reference page are used within the body of the assignment. Citations may not be formatted correctly.Uses an inadequate number of sources that provide little or no support for ideas. Sources used may not be scholarly. Most sources on the reference page are not used within the body of the assignment. Citations are not formatted correctly. .