AC 554 Unit 2 Special Exercise NEW

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Kalpan University AC 554 Unit 2 Special Exercise
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publically traded company, Lists Unlimited, is in
the business of selling lists custom generated
according to the needs of the customer. In 2001,
the company recorded revenues of 150 million.
List Unlimited revenues have grown at a rapid
rate due to an unusual number of acquisitions the
company made during the year 2000. Although the
acquisitions have been integrated within List
Unlimited's business operations and structure,
according practices-especially revenue
cyclesremain separate for most acquired
businesses. This is due to variations in
conventions and practices unique to the
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line of business of acquired businesses. As
director of the newly formed internal audit
function, how would you approach the issue of
diversity in revenue applications as you begin to
address compliance with the Sarbanes-Oxley Act in
the acquired businesses?