1. Robbins Network Services (RNS)
Internal control is a process designed to provide reasonable assurance of the achievement
of objectives relating to operations, reporting, and compliance during an audit of internal
controls. Auditors are chiefly concerned with those controls that impact financial
statements and cause a risk of material misstatement. Prompt: For this first milestone, you
will begin creating your audit plan for Robbins Network Services (RNS), the company in
your final project scenario. You will analyze RNS’s business environment, including the
standard business transactions performed by the company, business risks, impact of
current events, and potential ethical issues, and determine the types of internal control that
may be needed. Specifically, the following critical elements must be addressed: I. In a
concise memo, evaluate the internal controls of RNS. A. Describe the major financial
business transactions of the company. Include appropriate research to support your
answer. B. Evaluate the highest business risks associated with this company. What makes
you believe these specifically are the highest risks? Provide appropriate research or data to
support your reasoning. C. What would you suggest are the appropriate types of internal
controls for this industry? Why? D. Describe ethical issues involved with this company and
industry that would have a direct effect on the outcome of a financial audit. How could these
issues be addressed? E. Analyze current events for their impact on this company’s risk and
internal control in the future. Include documentation of these current events.#Robbins
#Network #Services #RNS
