Internal Control Weaknesses at ABC Inc. - ACCT1198 ABC Inc. is a medium-sized manufacturing company that produces and sells electronic devices. Recently, the company discovered several internal control weaknesses that could potentially result in material misstatements in the financial statements. I. Identify and explain two internal control weaknesses at ABC Inc. II. Discuss the potential impact of these weaknesses on the financial statements. III. Provide recommendations for improving internal controls at ABC Inc

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I Internal Control Weaknesses at ABC Inc 1 Lack of Segregation of Duties ABC Inc does not have a proper segregation of duties meaning that one person might have control over multiple aspects of a fina... View the full answer