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get more assistance regarding the internal controls. When the meeting was held with Abe Johnson it was clear that there was no efficence on internal controls. Also, the board of director’s charter explains that the board does a lot of things to assist CSN. However, the permanent file says that the only person on the board that assists the company is the audit committee board member. That was clear enough to the audit staff and myself that their control enviornment was ineffective. The second control is riskassessment. Evaulating risk assessment involves identifing whether managementhas implemented controls to leviate risky areas that may lead to matieral misstatements. When Johnson was asked about risk assessment, he seemed to brush it off.
There seems to be a huge issue with risk assessment regarding their accounts receivable. It seems to the audit team that there could potentially be more accounts that need to be written-off. CSN may not be identifying and analyzing all the accounts that they have because some accounts are over 90 days due. That is a huge risk assessment concern. Also, there may be an issue regarding invetory because their inventoryis higher compared to the rest of the industry and there were issues with invetory the year before. There …show more content…
The information and communication controls cannot be completely ineffective because the amount of people working at CSN is small. As a result, some of the accounting system can be done mannual. CSN seems to have an effective way of processing expenditure processes and sales transactions. However, the IT system seems poor and is not up-to-date. The main reason for that is the head management does not seem to care whether the information is processed mannually or the computer has virsuses. As a result, the controls are borderline ineffective. However, their mannual controls and their ability to prepare sales orders seems to be

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