Objective: You are an Internal Audit team for NOVA Consulting Firm. As part of a
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Objective: You are an Internal Audit team for NOVA Consulting Firm. As part of a peer review and quality assurance program, your team was engaged to evaluate the audit evidence and working papers of the internal audit team at Alpine Cupcakes, Inc. That team worked on the 20X2 audit of the cash receipts, cash disbursements, and bank reconciliation process. The focus of the Internal Audit was to test the various internal controls.
Review the cash narrative memo (C.1.1) and cash flowcharts (C.1.2). Identify and document in a memo addressed to management, at least five internal control weaknesses in each of the audited processes at Alpine Cupcakes, Inc. (cash receipts)
For each internal control weakness, provide a recommendation for implementing a process change or a new/revised control for addressing said weakness.