Assume that you applied for a position in UPC’s (fictitious firm) internal audit department after 5 years in the finance department. As a senior internal auditor, one of your assignments is to design and implement controls over capital budgets and review control effectiveness. Your company is required by the Sarbanes Oxley Act of 2002 (SOX) to report material weaknesses in internal controls.
You created the attached spreadsheet to verify the growth rate used in calculating cost of capital. You identified many inconsistencies with the data used by the finance department. The discrepancies led to a higher cost of capital for the truck replacement project. Therefore, UPC decided to lease trucks instead. Further, you are aware that the finance director is the one who approves capital projects and makes procurement and leasing decisions. The finance director owns a truck leasing company, and proposals have been received from his leasing company.
Your have been instructed to respond to the following tasks:
- Identify and explain 5 or more audit objectives for UPC’s capital plans.
- Provide a report of your audit, and discuss any SOX reportable issues.
- Recommend internal controls to address identified and perceived control weakness in UPC capital plans.
- Some managers have complained that the process of accepting projects does not consider qualitative factors. What qualitative factors will you recommend? Are there any associated risks?
Are you looking for a similar paper or any other quality academic essay? Then look no further. Our research paper writing service is what you require. Our team of experienced writers is on standby to deliver to you an original paper as per your specified instructions with zero plagiarism guaranteed. This is the perfect way you can prepare your own unique academic paper and score the grades you deserve.
Use the order calculator below and get started! Contact our live support team for any assistance or inquiry.
[order_calculator]