Accounting Questions:
Module focuses on the concept of red flags and how we detect these inside a corporation. This is important, as the internal controls mechanism should define a specific approach for monitoring financial statements (and the base transactions below the consolidated statements) on an ongoing basis.
In this discussion forum, you are to address the following situation:
You are the controller of a global business unit of a major corporation. This business unit is comprised of 15 manufacturing plants globally, which roll up into consolidated business unit financials for which you are responsible. As a result, you are tasked with monitoring the financial results of the entire business unit, which entails ensuring that there are no fraudulent activities rolling up through your financial statements.
1. How would you design your monitoring system to handle this responsibility?
2. What specific steps would you put in place to manage the global financial statements?
3. If you notice potentially questionable activity in one of your plants, how would you react? What would you do to investigate and address the issue?
Please include at least one external reference that provides support or insight into this challenge. include proper APA citation and reference list as part of your posting. Keep these same questions in mind as you generate responses to your classmates' posts.