...Kazbi Soonawalla; James Wakefield ABSTRACT Understanding effective internal control is vital for accounting and business students. Examples of fraud and loss through poor internal control are widespread in practice. The learning objectives of this teaching case focus on improving students’ ability...

... is recognized in that reporting period. Hence, companies undertaking long-term contracts need to ensure proper policies and procedures that require periodic and objective assessments of these estimates. Additionally, properly designed internal controls help ensure timely reporting of contract losses...

...Elizabeth V. Grace; Ashley Davis ABSTRACT This instructional case encourages analytical thinking about internal controls in both the operations and audit of a small, not-for-profit organization. Students examine a control environment characterized by unauthorized expenditures, lack...

... the embezzlement to continue. State regulators responded to the crisis with the passage of a series of fiscal reform legislation aimed at improving school district internal control through changes in school district governance, the procurement of independent auditing, and state agency oversight. The case explores...

...Denise Dickins; Rebecca G. Fay ABSTRACT Strong systems of internal control over financial reporting (ICFR) are critical to the production of reliable financial statements. Securities and Exchange Commission (SEC) regulations require that companies design, maintain, and regularly evaluate...