1. I know that small companies struggle to implement a full ray of internal controls and segregation of duties is a difficult one to accomplish with limited resources. Is there every a point in your mind that the owner could be delegated with too many financial responsibilities? It is his company but what about the other employees?
2. Within the internal control system can any one component stand on its own and meet the needs of an internal control system? Yes or No, explain your thoughts.
3. There are discussion on components of an internal control system, along with phases of evaluating an internal control system. After the audit program has been completed by an external audit firm for a public company what two opinions are auditors of these public companies required to issue on financial reporting controls?
4. Through out the readings from week 2 it discusses different approaches to addressing risk and offers tools such as insurance, transfers, hedging, and options to mitigate the risk. But looking at these tools and evaluating the risk, how far out do you go in evaluating these risks…1 year…10 years…50 years? Explain your response.
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