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QUESTION

Managing the risk of material misstatement in the purchasing process is critical. Identify two (2) different industries and analyze how these risks differ from one industry to the other. Also, identif

Managing the risk of material misstatement in the purchasing process is critical. Identify two (2) different industries and analyze how these risks differ from one industry to the other. Also, identify internal controls that could help to keep these misstatements to a minimum.

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******** MisstatementBusinesses **** ***** ** ******** misstatement **** ***** *** ********* statements **** ****** accounts *** disclosures *** **** ** ********* *** ****** *** ability ** ****** *** due *********** The ***** ** * ************ ***** ** ******* to *** ********* ** **** term assets ** **** as ************** of *** long **** *********** ********* to ** ******* the **** ********** ***** ******* ** ** * ************** ******* ****** to ******* ******** ************ *** ******* ****** ** meet *** ********* internal ******* ** *** ********* reporting ** the **** 2018 As *** *** ******* the company *** over $225000 in **** * figure ***** ** lower than **** million ***** was ******** ** 2017 *** ******* *** * significant ******* ******* deficiency *** **** ** ***** ***** to ******* ********** Compliance **** the ******** *** **** ******** the ************* ***** Schlesinger ****** ****** ******** ** *** ***** ******* that has **** ***** *** material ************ The company agreed ** pay * ******* of ** million ** *** *** Securities and ******** ********** *** misstating *** ******* ******** Evidence ***** **** ******** *** ******* ******** ********** controls *** company ***** ** ********** misstating *** consolidated earnings ****** *** three ***** ********** *** ******** ********** ***** Compliance **** *** measures *** ******* *** **************************** ********** *** Exchange ********** ****** ******** paying *** ******* Penalty for Accounting Violations ********* ** ***** * **** **** https://wwwsecgov/news/pressrelease/2016-25htmlRitika **** ******** Schlesinger ***** ****** ****** Riot ********** flagged ** *** ******* for *********** weaknesses’ ** financial reports ********* on ***** * **** From ***********************************************************************************************************

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