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Internal Audit Head Scott Tensor's concern that he needs more staff to keep up with...

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Accounting

Internal Audit Head Scott Tensor's concern that he needs more staff to keep up with the growth in the company.The CFO seems to understand Tensar's dilemma, and notes that he, too, could use an additional accounting policy expert, but any expansion of staffing levels will have to wait.

Respond to the following questions ensuring you provide examples and concepts from our lessons.

1) What challenges are facing the accounting and internal audit departments in keeping up with a fast growing public company.

2) Since the company's IPO three years earlier, it has "graduated" from the designation of an emerging growth company (EGC) to a large accelerated filer. How has this affected the external auditor?

3) What evidence exists that a component in the fraud triangle is being compromised? Be specific about the behavior you have observed.

4) What role should internal audit play in ensuring adequate controls?

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