You must identify and describe the top 10 internal control deficiencies in the attached case. In making your assessment of the top deficiencies, you need to consider the associated risks to meeting the objectives of the program (i.e., an effective system of internal control provides reasonable assurance that risk to objectives is at acceptable levels). When you think about the internal controls, you should decide whether the controls are designed adequately to reduce risk or if the issue is the controls are not operating as intended. In your discussion you must indicate the implication(s) of each control weakness and what COSO internal control principle(s) is applicable to each one. Please rank the internal control deficiencies from 1 to 10. The suggested length for this assignment is 2-3 pages.
Case Study: Tarheel Textiles
This case has been modified by the instructor. Used with permission of The IIA Research Foundation
Many of Tarheel Textiles’ old Draper looms have recently been replaced with more modern and efficient weaving machines. Instead of being junked or scrapped, these surplus looms are sent by the plants to the Supply Support Division where they are stripped of all useable parts. These parts are reconditioned, stored, and placed on perpetual inventory records as used supply items.
Manufacturing facilities within Tarheel route all their purchase orders for Draper loom parts through the Supply Support Division. This includes orders made out to Draper Company and all other vendors from whom Draper parts can be purchased. Supply Support reviews its inventory records (and will hold the order for no more than one day) to determine the availability of used parts generated from the loom stripping program. If parts are available within Tarheel, the purchase order to the vendor is altered and the Supply Support Division ships the available parts automatically to the ordering plant. The altered purchase order is then sent to the vendor.This program has resulted in substantial savings to Tarheel. Also, many of these older parts are in short supply and are, therefore, difficult to obtain within a reasonable delivery time.
The Loom Reclamation Program operates as follows:
– Removing the Tarheel Textile asset tag number.
– Stripping the asset of all useable parts.
– Reconditioning these parts.
– Storing any salvageable metal and the residue (or carcass) in a central area. The residue is usually the loom frame and some useable pieces of metal.
– Teardown crew members try to keep track of all the parts, especially after the parts are steam cleaned, repaired, and repainted. But with so many parts, it is difficult.
– Brass pieces are put in separate baskets, and entire baskets will sometimes disappear during weekends
Disposal of Residues and Scrap Metal
Other Pertinent Information
34 looms on inventory records
(5) looms on hand in field
29 loom shortage
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