Write a 750- to 1,050-word paper in APA format, including citations and references, summarizing your ideas about internal controls.
Include the following:
• Introduction to internal controls, describing in your own words the two main objectives of internal control
• An explanation of how the Sarbanes-Oxley Act of 2002 has affected internal controls
• Description of why a company which announces deficiencies in its internal controls will probably experience a fall in the price of its stock
• Synopsis of what you consider to be limitations of internal controls – quote detailed examples.
• A conclusion which summarizes your key points
• Comparison of the internal control principles of
(1) Establishing responsibility,
(2) Using physical, mechanical, and electronic controls,
(3) Segregation of duties, and
(4) Independent internal verification.