Help me study for my Accounting class. I’m stuck and don’t understand.
Detecting red flags is important because effective internal controls should provide for a specific approach for monitoring financial statements (and the base transactions below the consolidated statements) on an ongoing basis. Discuss the following in this module’s forum:
You are the controller of a global business unit of a major corporation. This business unit is comprised of 15 manufacturing plants globally, which roll up into consolidated business unit financials of which you are responsible. As a result, you are tasked with monitoring the financial results of the entire business unit, which entails ensuring that there are no fraudulent activities rolling up through your financial statements.
- How would you design your monitoring system to handle this responsibility?
- What specific steps would you put in place to manage the global financial statements?
- If you notice potentially questionable activity in one of your plants, how would you react? What would you do to investigate and address the issue?
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