Case Study on Audit and Internal Control
Week 4 Assignment – Case Study on Audit and Internal Control
Overview
In the United States, the management and auditors of publicly held companies must evaluate their internal controls annually. The purpose of the evaluation is to look for any control deficiencies. Doing so will help avoid any penalties such as the $10.5 million that the SEC imposed on Citigroup Inc. as a result of its internal controls failures. See the article from SEC.gov, https://www.sec.gov/news/press-release/2018-155-0#:~:text=The%20Securities%20and%20Exchange%20Commission,accounting%20controls%2C%20and%20trader%20supervision.
You are an external auditor hired by Citigroup to perform an audit. You will be reporting to Citigroup’s audit committee.
Instructions
Write a 3 page report for the audit committee in which you:
1. Critique Citigroup’s internal controls and the purpose they serve.
2. Distinguish between operation and design control deficiency.
3. Determine the reasons that led Citigroup Inc. to pay $10.5 million in penalties.
4. Recommend techniques that will overcome the weaknesses of Citigroup’s internal controls; justify the recommendation.
5. Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.
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