11 May WHAT ADDITIONAL AUDIT STEPS WOULD YOU RECOMMEND INSTITUTING TO ENSURE THAT INTERNAL CONTROLS ARE STRICTLY FOLLOWED?
Your employer, Caldwell Development Company, has recently acquired another company in an asset acquisition; that is, Caldwell acquired the company by purchasing all of the assets and assuming all of the liabilities. The stock from the shareholders of the acquired company, Jetson, Inc. was redeemed and those shareholders are now shareholders of your employer, Caldwell. These new shareholders hold a minority interest in your employer.
The assets of the acquired company were spread out all over the United States and Canada. The company had branch offices in almost all states and provinces. Additionally, the acquired company had bank accounts and short-term investments in various states and provinces. Even as a wholly-owned subsidiary, he acquired company is still required to maintain the bank accounts and investments in the different georgraphic regions.
You have been asked to prepare a policy with respect to the recently acquired assets and investments in the different geographic regions. In addition, you have been asked to recommend audit steps to be added to the routine internal audit program to assure management that the internal control measures are properly implemented with respect ot the new assets and new investments acquired.
What preventive measures would you recommend be instituted to ensure that the requirements regarding regional investments and bank accounts are being adhered to?
What additional audit steps would you recommend instituting to ensure that internal controls are strictly followed?
Your responses to the above questions should be presented in a memo to the President of the Caldwell Development Company, Ms. Doris McIntosh. Your recommendations need not be long but should be specific so that the President clearly understands what you are recommending, why and how it could be implemented.
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