Internal Controlsquot; Please respond to the following: Unfortunately, we’ve all heard of fraud within a company either directly or indirectly.

Internal Controls”  Please respond to the following:

  • Unfortunately, we’ve all heard of fraud within a company either directly or indirectly. Discuss a real situation you experienced or know of where an employee attempted or successfully stole from a company. Suggest the weakness in internal control that allowed the fraud and/or a control to mitigate the fraud. 
  • For Extra Credit, review the management report required by SOX for Tootsie Roll Industries Inc. This is found in Appendix A on page A-30. Explain in your words what this report states and how this is deemed additional protection for investors. I cannot stress “your own words”enough! Your presentation may earn up to five (5) Extra Credit points.  

Our textbook is a national text, Accounting: Tools for Business Decision Making, 6th edition, Kimmel; ISBN, 978111919674.