An internal control deficiency can be caused by a number of issues but it is primarily defined as an error discovered during internal controls testing (e.g., a payment was coded to utilities when it should have been coded to inventory) or during a review of the internal control evidence (e.g., the internal or external auditors discover the coding mistake rather than management finding it as part of their closing activities). An internal control deficiency may also occur simply from someone forgetting to execute one of their internal controls entirely.
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Internal Control Deficiency
I thought it would be interesting to review the lessons proffered from Sam E. Antar - the former CFO of Crazy Eddie, Inc. His website is whitecollarfraud.com and he has some pointed things to say about internal controls and Sarbanes-Oxley. And he should know, as one of the co-conspirators of an amazingly complex fraud scheme that made his family nearly $100 million in the 1980's - long before Enron, Tyco, and WorldCom.
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Have you ever wondered how internal controls can benefit your accounting and financial reporting systems? Have you been worrying excessively, recently, concerning the upcoming audit of your company and possible conflicting situations that could arise? Certainly, for a firm in the 21st century proper accounting management is one of the most vital issues, and that's why smaller companies with limited staff resources in this field should make use of up to date technologies to take care of this. See more via this link:jimmie8owens.typepad.com
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Great article from the Criminal Defense Lawyers Los Angeles. Here is a snippet:
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