Risk in Internal Control Procedures
cash, Embezzling, information Technology and inventory. For each one, suggest
one additional internal control procedure. Discuss whether the procedure you
suggest is preventive, detective or corrective; also identify the type of risk
it is designed to control based on risk categories.
b. Hassan and Ashok are employed by one of the Big Four CPA
firms. Both have recently earned their CPA licenses, however, and are
considering starting their own practice. Using Brown’s risk taxonomy, identify
and describe at least five risks Hassan and Ashok must be aware of if they
start their own business. For each risk you identify, suggest one or more
internal controls that could ameliorate it?
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