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Internal control Essays & Research Papers

Best Internal control Essays

  • Internal Control - 2601 Words Internal Control Tutor Name: Luba Name: Peng Xueyuan Date: May 9, 2010 Words: 2567 The general purpose of financial statement is to provide information for users for decision making. That is to say, the financial statement provided must be reliable for users to make the most correct decision to make profit or contributions. Internal control is one part of financial method to avoid the mistakes and incorrect... 2,601 Words | 8 Pages
  • Internal Control - 1404 Words "No matter how sophisticated a system of internal control is, its success ultimately requires that you place your trust in certain key personnel" Introduction Within any organisation a high level of trust has traditionally been placed in management and key personnel. This has led to some quite public failures in corporate governance and internal controls – Enron, WorldCom, HIH insurance etc… A lack of effective personnel controls can lead to a multitude of organisation problems such as... 1,404 Words | 4 Pages
  • Internal Control - 3692 Words ACCOUNTING AND FINANCE Y11 TASK 3: INTERNAL CONTROL IN SMALL CASH BUSINESS NAME: Phan My Dung OPTION: 1 Introduction: As you know, cash is important to any business. In this task we will be discussing the various aspects in the business internal control to protect cash. Also while doing this task we will need to interview an employee from a 24 hour shop in the local area to ask about their procedures for internal control. Goal: Whether a business is a sole trader or has many employees,... 3,692 Words | 12 Pages
  • Internal Controls - 1304 Words My Internal Control System Report Bobby R. Hanna American Intercontinental University Abstract This paper will identify the internal control systems limitations. The three limitations that will be discussed are environment control, communications and monitoring. There will be two examples of internal control procedures and how they can be implemented. The identifying of a lack of internal control symptoms along with the impact of a entry on a financial statement of a company’s... 1,304 Words | 4 Pages
  • All Internal control Essays

  • Internal Control - 4919 Words Internal Control Definition Internal control is broadly defined as a process, effected by an entity's board of trustees, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: 1. Effectiveness and efficiency of operations 2. Reliability of financial reporting 3. Compliance with applicable laws and regulations 4. Safeguarding of assets Internal control consists of five interrelated... 4,919 Words | 16 Pages
  • Internal Control - 767 Words The definition I found to describe internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. Internal control is also responsible for making sure there is not any fraud in the business. Basically, to me this means that internal control is what keeps things flowing smoothly and correctly. There are two main goals of internal control. The first is to keep the company safe from any... 767 Words | 2 Pages
  • Internal Controls - 998 Words Internal Controls XACC 280 Crystal Riley Sanford September 10, 2010 Instructor Glenn Dakin Internal Controls Internal controls are the measures a company takes to do accomplish two primary goals; protect their assets from employee theft, robbery and unauthorized use. Internal controls are also used to increase accuracy of company financial information, reducing the risk of errors (accidental) and irregularities (intentional) (Weygandt, 2009). Sarbanes-Oxley Act of 2002 The... 998 Words | 3 Pages
  • internal control - 1930 Words FNSACC50A Implement & Maintain Internal Control Procedures ASSIGNMENT 1. Who is ultimately responsible for the corporate governance of an organisation? The Board of Directors 2. Who else plays a part in corporate governance? Shareholders, auditors and other stakeholders. 3. Who are the stakeholders? A person, group or organisation that has interest or concern in an organisation. 4. List the corporate governance requirements a company needs to adhere to: The company has an... 1,930 Words | 7 Pages
  • internal control - 369 Words Question 1 a) Select two companies where inadequate internal control have resulted in disastrous effects on the organisation or exposed it to heavy losses. Research the facts of the failure and report on the facts and the losses suffered. In your report, include suggestions for changes to operations (internal controls) that could have prevented the final outcome. Where could you find a list of these internal controls and how are they documented? Examples of companies include: Coles... 369 Words | 3 Pages
  • Internal Controls - 1405 Words Internal Controls Internal controls are all the procedures and measures companies put in place in order to achieve two specific goals related to accounting (Kieso, Kimmel, & Weygandt, 2011). The first goal is the protection against loss of assets from various sources such as theft or accounting error (Kieso, Kimmel, & Weygandt, 2011). Companies, clients and shareholders must have assurance that there is suitable control over all business assets like inventory and bank accounts all the... 1,405 Words | 4 Pages
  • Internal Controls - 5652 Words Mission Statement: Vineyard Vines is dedicated to bringing new and creative ideas to the market place, both in our product offerings as well as our marketing events. We will continue to develop our unique brand positioning, to maintain and grow our solid brand recognition, and to adhere to high quality design standards. Because everyone wants to have fun every day, Vineyard Vines will continue to offer something for everyone with fun always in mind. History: Founded in 2010, Vineyard Vines... 5,652 Words | 18 Pages
  • Internal Controls - 1048 Words Internal Controls XACC/280 April 7,2013 Axia Internal Controls Internal controls are put into place to safeguard a company’s assets and to promote the accuracy of their accounting records. There are two primary goals of internal controls. The first goal of internal controls is to safeguard it’s assets from employee theft, robbery, or unauthorized use. When there is a large some of money there is temptation from employee’s to take some of it. Many employees believe they are underpaid... 1,048 Words | 3 Pages
  • Internal Controls - 866 Words Hewlett-Packard | Internal Controls | XACC 280 week 8 assignment | | Stevan | 1/29/2011 | [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | All people are not honest. Even when you are dealing with people from your church, school, or even friends you have known for years, there is the possibility... 866 Words | 3 Pages
  • Internal Control - 587 Words Generally, every organization’s performance could be enhanced if they have a sound internal control system. Internal control sys has two subcategories: A) Control environment B) Control procedures and policies @ control activities Control environment is abt attitude of board n mgt, whether they have integrity(honesty) and value the importance of running a sound internal control system. So, if their attitude is good, they will raise awareness and foster good attitude among ppl in the... 587 Words | 2 Pages
  • Internal Control - 2256 Words | | |EAST DELTA UNIVERSITY | | | |... 2,256 Words | 9 Pages
  • Internal Control - 1018 Words Internal Control Evaluation The accounting firm has completed its evaluation of LJB’s system of internal controls. The accounting firm was hired to do this evaluation because LJB have plans on going public. First thing we must do is review if there are any new rules or regulations that will affect a private company changing to a public company. Second, LJB must understand that its internal control system will be enforced by the Sarbanes-Oxley Act of 2002. Under the Sarbanes-Oxley Act, United... 1,018 Words | 3 Pages
  • Internal Control - 1209 Words What is internal control and why is it important The American Institute of Accountants first defined the term internal control in 1949, followed by further clarifications in 1958 and 1972. In 1977 publicly held companies came under legislation to adequately implement controls to protect their financial information. A report by the Committee of Sponsoring Organizations in 1992 and the Sarbanes-Oxley Act of 2002 are more recent documents defining internal controls.( Bishop, 1991,p.117-123;... 1,209 Words | 4 Pages
  • Internal Control - 5007 Words Chapter 5: Internal Control over Financial Reporting 1. Internal control is a process designed to guarantee the achievement of the objectives of reliable financial reporting, compliance with laws and regulations and ineffective and inefficient operations. FALSE 2. Auditing standards require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. TRUE 3. If internal controls are not enforced they are... 5,007 Words | 22 Pages
  • Internal Controls - 788 Words In order for a business to be successful and operate with in the parameters of the law it must be organized and have a system or systems in place that allow operations to performing at their peak. Internal controls are just that, controls designed to ensure that a company is able to maintain accurate financial reporting, efficient operations, and operating within laws and regulations applicable. Protecting itself and its assets against theft and unauthorized use, acquisition, or disposal is also... 788 Words | 3 Pages
  • Internal Control - 6242 Words UNDERSTANDING INTERNAL CONTROLS A Reference Guide for Managing University Business Practices Understanding Internal Controls Table of Contents INTRODUCTION .................................................................................................................................................................1 OBJECTIVES... 6,242 Words | 23 Pages
  • Internal Controls - 708 Words Running head: INTERNAL CONTROLS Internal Controls All companies have a need and responsibility to track their financial positions. Depending on the size of the company, those tracking systems or accounting systems, can be very simple or very complex. "An accounting system is a set of records, procedures, and equipment that routinely deals with the events affecting the financial performance and position of the entity (Shiraz Noordin, 1997)." The accounting records are kept to measure... 708 Words | 3 Pages
  • Internal Controls - 1221 Words  Internal Controls XACC 280 By University of Phoenix Professor This paper will discuss the internal controls and how they work in business. I will shed some light on the organizations financial and business policies, process and procedures. The purpose of these internal controls is to protect the company’s resources against fraud, misappropriate funds and most important... 1,221 Words | 4 Pages
  • Internal Control - 661 Words Case Study 2 – Internal Control TO: LJB Company President FROM: Andrea Johnson DATE: February 8, 2013 SUBJECT: Internal Control It is with great pleasure that we can provide you information and advisement on internal controls that will assist LJB Company with going public. We understand that you have communicated your concerns and expect that this report will assist you with deriving conclusions. This report will: 1. Inform you of any new internal control requirements in reference to... 661 Words | 3 Pages
  • Internal Control - 1587 Words Case Study 2 – Internal Control 1. Inform the president of any new internal control requirements if the company decides to go public Each of the five components of an internal control system is important. Let us focus on the control activities. These activities are the backbone of the company’s efforts to address the risks it faces, such as fraud. The specific control activities used by a company will vary depending on management’s assessments of the risks faced. The six principles of... 1,587 Words | 5 Pages
  • internal control - 823 Words Accounting & Finance Faculty FNS10 Financial Services FNSACC506A Implement and Manage Internal Controls Semester 1 2014 ASSESSMENT TITLE Assessment 1 – Assignment 1 ASSESSMENT CONDITIONS/INSTRUCTIONS Take home assignment – Questions and Research Aids to be supplied by college: None. Aids to be supplied by student: None Prescribed Text book(s) Standard Dictionaries Bilingual Dictionaries Technical Dictionaries Programmable Calculators Non-programmable... 823 Words | 6 Pages
  • Internal Control - 316 Words Internal control is the process implemented and maintained to provide reasonable assurance about the achievement of the entity’s objectives. It covers the company’s resources, systems, procedures, culture and structure. It very important for a company to possess and the lack of it can result in detrimental consequences. One example to showcase this is the famous study of “McKesson & Robbins”. Founder Philip Musica adopted a fake name and started the pharmaceutical company. He faked his... 316 Words | 2 Pages
  • Internal Controls - 1829 Words  The Development of Hotel X: A World Class Resort Prepared for: Patrick Berry President, LBJ Company Prepared by: Alexander Scott Consulting LLC April 6, 2014 ACCT. 504-68173 – Financial Accounting Table of Contents: History…………………………………………………….3 What You Are Doing Right..……………………..4 Areas for Improvement…………………………...4 Related Regulations…………………………………7 Internal Controls Definitions……………………7 Bibliography……………………………………………10 History: LBJ... 1,829 Words | 6 Pages
  • Internal Control - 723 Words Internal Controls XACC/280 Whenever having a company, he or she must have the right aspects so that business can run as smoothly as possible. The existence where not having the company together as supposed to, then there are problems that can follow. Internal control is the safeguard of the assets and the accuracy along with able to rely on he or she’s accounting records and the guide to success is making sure that he or she follows the control principles. The two sentences before this is... 723 Words | 2 Pages
  • Internal Control at Ljb Company TABLE OF CONTENTS 1.0 INTRODUCTION 2 2.0 Role of internal control 2 2.1 Management: 2 2.2 Board of Directors: 3 2.3 Auditors: 3 2.4 Staff and junior managers 4 3.0 NEW RULES OF INTERNAL CONTROL 4 4.0 THE GOOD AND THE BAD 10 5.0 RECOMMENDATIONS 12 6.0 REFERENCES 14 1.0 INTRODUCTION Internal control is defined as a process affected by an organization's structure, work and authority flows, people and management information systems, designed to help the... 4,040 Words | 13 Pages
  • MF0013 Internal Audit Control SUMMER-2015 Get solved assignments at nominal price of Rs.120 each. Mail us at: [email protected] or contact at 09882243490 Master of Business Administration- MBA Semester 3 MF0013–Internal Audit & Control-4 Credits (Book ID: 1733) Assignment (60 Marks) Note: Answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60. Q1. Describe & explain the term auditing. “Personal qualities of an auditor... 508 Words | 2 Pages
  • Internal Control Research - 726 Words Objective: • To critically analyze the • To evaluate the importance of having Internal Control procedures within ‘The Bargain Centre’ Aims: • To investigate the number of different internal control procedures used within ‘The Bargain Centre’ • To gain knowledge of how the different internal control procedures help secure the business against theft and embezzlement etc. Data collection: In order to carry out my research on Internal Controls within ‘The Bargain Centre... 726 Words | 3 Pages
  • Internal Control and Risk Evaluation ACC 542 Week 4 Individual Assignment Internal Control and Risk Evaluation To purchase this material click below link For more classes visit Management at Kudler Fine Foods has reviewed the flowcharts prepared in Week Two and is requesting information on controls that will be required. • Prepare a 750- to 1,100-word brief: • Analyze the risks in the... 116 Words | 1 Page
  • Internal Control System - 1250 Words Lecture note on monitoring business and accounting systems. ------------------------------------------------- internal control systems and internal controls An internal control system is the whole system of controls, financial and otherwise, established by the management in order to * Carry on the business of the enterprise in an orderly and efficient manner, * Ensure adherence to management policies, * Safeguard the assets and secure as far as possible the completeness and... 1,250 Words | 5 Pages
  • Acca: Internal Control and Business Accountant in Business (FAB/F1) December 2011 to January 2013 This syllabus and study guide is designed to help with teaching and learning and is intended to provide detailed information on what could be assessed in any examination session. THE STRUCTURE OF THE SYLLABUS AND STUDY GUIDE Relational diagram with other papers This diagram shows direct and indirect links between this paper and other papers preceding or following it. Some papers are directly underpinned by other papers. These links... 5,119 Words | 26 Pages
  • Internal Controls in Cookridge Carpets Student Notes aat QCF Level 4 Internal Control and Accounting Systems STUDENT NOTES 1 Contents Section 1 2 3 4 Introduction and Assessment Outcomes and Criteria Internal Controls and Fraud Finding weaknesses and making recommendations Business English Report Plan Deadlines Report Guide Other requirements page 3 6 9 12 5 6 7 8 9 18 19 25 27 38 2 1 Introduction and Assessment What is ICAS Internal Control and Accounting Systems (ICAS) requires students to write a... 4,702 Words | 20 Pages
  • Auditing and Internal Controls - 8743 Words Chapter 1 Auditing and Internal Control Review Questions 1. What is the purpose of an IT audit? Response: The purpose of an IT audit is to provide an independent assessment of some technology- or systems-related object, such as proper IT implementation, or controls over computer resources. Because most modern accounting information systems use IT, IT plays a significant role in a financial (external audit), where the purpose is to determine the fairness and accuracy of the financial... 8,743 Words | 31 Pages
  • Understanding Internal Control - 648 Words Obtaining an understanding of internal control allows auditor's to identify the types of material misstatements that could occur in the financial statements, consider the factors that affect the risk of material misstatements, and design substantive tests. An auditor obtains the understanding from researching the clients business. An auditor will take inquires from management and personnel, observe client activities and operations, walk-through the business, and inspect client documents and... 648 Words | 2 Pages
  • Internal Control Evaluation Memo | LJB Company | Memo To: The President! From: Mark Buchanan CC: Date: 11/22/2011 Re: Internal Control Evaluation Going Public: All publicly traded companies in the United States are required to maintain an adequate system of internal controls per the Sarbanes Oxley ACT of 2002 or SOX. Corporate executives and boards of directors must ensure that these controls are reliable and effective. In addition independent auditors must attest to the adequacy of the internal control system.... 652 Words | 3 Pages
  • Acc220 Internal Cash Control Scenario E4-5 A) List the weaknesses in internal control over cash disbursements. 1) Checks are not pre-numbered. When checks have no numbers, no one will know if a check is misplaced or stolen. 2) Too many people are authorized to sign checks. The treasurer should be the only person authorized. 3) Checks are not being kept in a safe area. A filing cabinet, even a locked one can be easily pried open and checks stolen. 4) Segregation of duties is not being done, the purchasing agent... 1,106 Words | 4 Pages
  • Internal Control System Checklist Internal Control System Checklist ACC/544 Monday December 03, 2010 Dr. YouKnew Abstract Internal control systems are purposed to aid in managing an array of risks, while monitoring the integrity and reliability of operational and financial data. Internal control systems ensure the proactively of audits, at the same time as serving to ensure that policies and procedures are enforced to protect the company’s financial information, limiting accounting inaccuracies and fraud. The... 751 Words | 3 Pages
  • Ljb Company's Internal Controls Case Study 2: LJB Company’s Internal Controls Michael Del Toro FI504 - Accounting Abstract This paper shall focus on the criticalities involved in LJB’s transactions and how it may implement internal controls to the business processes while increasing the accountability of individuals involved in its ‘lean business process.’ With the advent of the Sarbanes-Oxley Act and its repercussions to the manner in which businesses must prevent fraud (both external and internal) to not misrepresent... 1,608 Words | 5 Pages
  • Justification for an Internal Control System Justification for an Internal Control System Many organizations use the insurance or portfolio approach to manage risks associated with business activities, whereas others explore the benefits of an internal control system. A sound internal control system is vital to an organization's risk management procedures. The following paragraphs will describe the insurance and portfolio approaches, and explain the benefits to installing an internal control system as a more beneficial alternative.... 478 Words | 2 Pages
  • Kudler - Internal Control and Risk Kudler Fine Foods - Internal Control and Risk Evaluation Internal controls are an integral part of a company to provide a foundation for a safe, sound and successful organization. According to COSO, “the three primary objectives of an internal control system are to ensure efficient and effective operations, accurate financial reporting and compliance with laws and operations” (COSO, 1999). Proper internal control programs can help Kudler’s managers to make decisions, progress evaluations and... 1,006 Words | 3 Pages
  • Internal Control Case Study LJB Company’s Internal Control Recommendation Report February 2012 Prepared for: LJB Company President Finance Department Prepared by: Cauretta Bell Recommendation Report 2012 It is my immense pleasure to report and evaluate the findings of the internal control procedures to the President of LJB Company regarding recommended changes for the organization to utilize internal control requirements. We will provide useful recommendation so that LJB Company will be fully prepared to go... 2,167 Words | 7 Pages
  • Internal Control and Accounting Systems Internal Control and Accounting Systems Learning Area Overview Welcome to this learning area overview for Internal Control and Accounting Systems, prepared by AAT. In this overview we’ll explain what Internal Control and Accounting Systems is all about, and how it fits into the bigger picture of the AAT Accounting Qualification. We’ll explore the main topics you can expect to cover, and how the knowledge and skills you’ll pick up will be of practical use to you in the workplace. Finally, we’ll... 906 Words | 3 Pages
  • Internal Controls System - 1991 Words THE INTERNAL CONTROL SYSTEM The internal control system includes all the strategies, policies and procedures adopted or instituted by the management of an entity to assist in their objective achieving as far as practicable, the orderly and efficient conduct of the business and includes adherence and compliance to management policies and applicable laws and regulations; the safeguarding of assets; the prevention and detection of fraud and error, the accuracy, reliability and completeness of the... 1,991 Words | 6 Pages
  • Internal Control System Questionnaire Introduction: An internal control system refers to the process by which organizations maintain environments that encourage incorruptibility and deter fraudulent activities by managements and employees. Internal control systems are evaluated during the planning phase of an independent financial statement audit. This is the system is also known as detection and prevention of fraud in an organization. The “Questionnaire Method” is one of various techniques to measure internal control system of any... 1,885 Words | 13 Pages
  • Justification for an Internal Control System Justification for an Internal Control System Organizations exist to carry out their set goals and objectives. To achieve these goals, they must have a set of rules that direct their efforts toward the achievement of these goals and objectives. With this the need for a system of internal controls comes in. An internal control is a set of policies and procedures put in place by the management of an entity to help it achieve its goals. “Internal control is a set of rules that provide... 735 Words | 3 Pages
  • Internal Control Issues - 548 Words Internal Control Issues 1.List what you believe should have been the three to five key internal control objectives for Goodner’s Huntington sales office. * Assets Safeguard The padlock and other some security are used as a physical protection of Goodner’s inventory from stolen by unauthorized person. * Authorization of Transaction Goodner’s policy said that the new customer required an approval of the sale manager for the credit sale. The objective of this policy is to... 548 Words | 2 Pages
  • Evaluating Internal Controls - 738 Words  Running Head: EVALUATING INTERNAL CONTROLS Evaluating Internal Controls Internal Control Systems – ACC/544 Stephanie Booth Robert Cornett University of Phoenix September 29, 2014 Evaluating Internal Controls An organization’s internal controls are comprised of five components, which include: the control environment, risk assessment, control activities, monitoring, and information and... 738 Words | 3 Pages
  • Case Study Internal Control To: President of LBJ Re: Internal Controls My Recommendation Impact of going public Public companies, as the result of the passing of Sarbanes Oxley Act of 2002, are necessary to document their controls, assess the documented controls and have their external auditors examine their testing of controls and note down a report about the efficiency of controls surrounding financial reporting. As a result, there will be supplementary work on designing, testing and auditing of controls if you... 421 Words | 2 Pages
  • Small Business Internal Controls Small Business Internal Controls Entrepreneurs and small owners often forget a very important part of operating a business, internal controls. In fact, poor internal controls and dishonest employees were listed as the reason for 30% of small commercial business failures. (Hrncir, 223) Even with this knowledge many small businesses do not have an understanding of the intent and effectiveness of internal controls. An internal controls system is the written and spoken set of rules and... 940 Words | 3 Pages
  • Internal Control in Organizations - 607 Words Internal Control Internal control is an integral part of an organization’s governance system and ability to manage risk, which is understood, effected, and actively monitored by the governing body, management, and other personnel to take advantage of the opportunities and to counter the threats to achieving the organization’s objectives (IFAC 2012). Arad & Philee (2013) define internal control as “the integration of the activities, plans, attitudes, policies, and efforts of... 607 Words | 3 Pages
  • Internal Control and Risk Evaluation INTERNAL CONTROL AND RISK EVALUATION PAPER ACCOUNTING 542 INTERNAL CONTROL AND RISK EVALUATION PAPER Many businesses are concerned with information technology risks. Many organizations are concerned with different types of risk and attempt to control risk as they are assessed. In order to control risk, organizations must create control environments that set the tone of employee awareness and promote operational efficiency. One attempt to control risk is through risk assessment. The... 1,217 Words | 7 Pages
  • Internal Control for Inflows - 2082 Words RUNNING HEAD: Internal Control for Inflows Internal Control for Inflows ACC/ 544 Internal Control for Inflows Internal controls are important to a business. The internal controls provide a safeguard against errors in the accounting system as well as the detection and prevention of fraud. With the inflows of the company come many risks that need to be considered. The ways in which cash, sales, accounts receivable, inventory, and production are handled within the company are different... 2,082 Words | 6 Pages
  • Audit and Internal Control - 483 Words Case Study Project What is the purpose of auditing? Describe the relationship between internal controls and the audit process. Answer The purpose of an audit is to provide financial statement users with an opinion by the auditor on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. An audit also enhances the degree of confidence of intended users in the financial statements. Financial audits... 483 Words | 2 Pages
  • Internal Control Papamoss - 890 Words Internal control systems As defined in Paragraph 4(c) of ISA 315, internal control is “the process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations.” It includes all the... 890 Words | 4 Pages
  • Mordinizing the Internal Control Systems CHAPTER TWO: LITERATURE REVIEW 1.9 Introduction 2.0 Objectives of an internal control system 2.1 Identify customizable components 2.2 To identify factors that promotes the effective implementation of internal control system. 2.3 Challenges associated with internal control systems. 2.4 Limitations of internal controls 2.5 To identify the top rated types of internal controls. CHAPTER... 3,263 Words | 10 Pages
  • Justification for an Internal Control System Justification for an Internal Control System Organizations that do not have the proper internal controls tend to deteriorate over time. Therefore, companies should incorporate effective internal control systems to accompany other risk management approaches like insurance and risk portfolio. Internal Control Systems can provide an additional reference tool for organizations to identify and assess operating controls, financial reporting, and regulatory compliance processes and to formulate... 545 Words | 3 Pages
  • Auditing: Effective Internal Control ACCT420 Auditing Test Three – Out of Class Portion Due Monday, April 30, 2012 1. Listed below are four interbank cash transfers, indicated by the letters a, b, c and d, of a client for late December 20X1, and early January 20X2. Your answer choice for the next two questions should be selected from this list. For each of transfers a through d indicate whether cash is understated, unaffected, or overstated by the transfer and provide a brief example of what could cause the situation in... 1,300 Words | 6 Pages
  • Internal Control Audit Standards Jurgen Skembi Homework5 Internal Control Audit Standards a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit? An auditors’ understanding of the internal control components should be used for 3 reasons: a) To identify the potential misstatement that might occurs b) To identify the factors that affect the risk of material misstatement c) To influence the design of substantive procedures b. What is... 1,065 Words | 5 Pages
  • Internal Controls Essay - 749 Words Internal Controls Paper FIN/324 University of Phoenix November 2, 2005 Internal Controls Paper When it comes to the internal controls of firms and enterprises, executives are constantly keeping a close look on the accuracy and effectiveness of these controls along with seeking ways to better them. According to COSO (2004) the implementation of internal controls helps guide companies in reaching towards their profitability goals, the accomplishment of their mission statement, and helps... 749 Words | 3 Pages
  • Internal Control: Integrated Framework Internal Control - Integrated Framework Executive Summary Senior executives have long sought ways to better control the enterprises they run. Internal controls are put in place to keep the company on course toward profitability goals and achievement of its mission, and to minimize surprises along the way. They enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls... 2,817 Words | 8 Pages
  • Internal Control Project Paper Introduction of Dentistar and the problem Dentistar, Inc. was formed in 1985 to provide dental and orthodontic services to subscribers of their prepaid dental plans. This report examines the western region’s office, located in Los Angeles, and its issuance of excessive manual checks that resulted in multiple bank overdrafts. Results indicate that only minimal efforts have been made for internal control measures in this office and companywide, and that weaknesses have allowed the Finance... 1,799 Words | 6 Pages
  • Finance and Internal Control - 980 Words ACCT301 Week 2 Homework 1. In two to three paragraphs, describe the Sarbanes-Oxley Act and why it is important to the accounting profession. (15 points) The Sarbanes-Oxley Act was passed in 2002 by Congress after a series of scandals involving companies such as Enron, WorldCom, and Tyco. This was passed because of shady transactions and misrepresented financial data which caused shareholders to lose millions of dollars and their trust in investing in public companies. It was passed to... 980 Words | 3 Pages
  • The Essence of Internal Control - 620 Words Published Article-Sox Institute 12/2008 The Essence of Internal Control A statement on policy and procedures issues as they relate to managements views and /or findings with regard to OMB A-123 audits. Writing position papers on justification of actions taken has raised some questions about control. There seems to be a shift in the mind set of managers now that Section 404 of Sox's (documentation) has really kicked in with compliance performance of the financial managers... 620 Words | 2 Pages
  • Internal Control and Risk Evaluation Internal Control and Risk Evaluation Accounting Information Systems 542 October 10, 2011 Analyze the risks in the systems that your team analyzed An Accounting Information System is an integral part of the new design of Kudler’s computer system. Accountants do not necessarily need to understand completely how computers process data of the accounting application, but it is essential for them to understand the flowcharts and documentation that shows how this processing works. The purpose... 1,152 Words | 4 Pages
  • System of ‘Internal Control (I.C). CHAPTER ONE INTRODUCTON In every well-organized concern there exists a large number of ways and means where a check is imposed on the accuracy of the executive work. These ways and means are called the system of ‘internal control (I.C).’ (D.P. Jain, 1993). Management not the auditor must establish and maintain the entity’s of control. (Alvin J., James K., W. Morley, Ingrid B., 2000). According to Spicer and Pegler, “internal control is best regarded as indicating the whole system of controls,... 11,569 Words | 39 Pages
  • Auditing: Internal Control and Audit Using Computer-Assisted Audit Techniques to Support Audit I. Executive Summary Nowadays, the use of computers dominates in most of the business world; auditors too have recognized that the power and speed of computers can greatly assist them in their work. The term “computer-assisted audit techniques” (CAAT) is used to denote computer techniques that auditors can utilize to help them complete their audits in a more effective, efficient, and timely manner. Use of the prefix... 3,171 Words | 12 Pages
  • Justification for an Internal Control System Justification for an Internal Control System Ginger Lankford Internal Control Systems ACC544 Robert J. Cornett, MBA October 4, 2010 Justification for an Internal Control System Businesses need an efficient and cost-effective internal control system even with insurance and a portfolio approach control in place. Insurance is necessary and the portfolio approach is very effective but is more reactive than preventive. Internal control sets the foundation to ascertain reasonable... 755 Words | 3 Pages
  • Evaluating Internal Controls - 1108 Words  Checklist for Evaluating Internal Controls ACC 544 CHECKLIST FOR EVALUATING INTERNAL CONTROLS Introduction “In response to the number of major corporate accounting scandals rocking the financial world (e.g., Enron, WorldCom, Xerox, KMart, etc.), on July 30, 2002, Congress passed the most wide-sweeping financial reporting legislation since the 1930s (when it established the Securities and Exchange Commission). The Sarbanes-Oxley Act is intended to... 1,108 Words | 8 Pages
  • Pepsi Internal Control Procedures Pepsi Internal Control Procedures Pam Sharratt XACC/210 April 10, 2013 Cito Vanegas Pepsi Internal Control Procedures The Pepsi Co. has many shareholders that they have to answer too when certain things just do not seem to add up. They have different teams of management to oversee every area of operation and to make sure the company is running effectively and gaining the best profit possible. Like other companies over the last few years they have had their ups and downs in certain areas.... 252 Words | 1 Page
  • Xacc 280 Internal Controls Internal Controls Your Name XACC/280 Date Instructor Name Internal Controls Internal controls are an essential asset to any company that wishes to maintain their company’s security and accuracy. These controls help to protect the assets belonging to a company from unforeseen events such as employee theft, robbery, or any sort of unauthorized use (Weygandt, Kimmel, & Kieso, 2008). They also create the opportunity for accounting records to be more accurate and reliable by limiting the... 799 Words | 3 Pages
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  • Acct Internal Control - 716 Words Case Study 2 – Internal Control A review of policies and procedures for LBJ Company has been conducted, and there is a distinct lack of internal control that must be addressed in order for the company to go public. Internal control is identified as: “the process designed to ensure reliable reporting, effective and efficient operations, and compliance with laws and regulations” (Edwards, 1994). Additionally, to attract prospective investors, LBJ Company must follow the guidelines identified by... 716 Words | 2 Pages
  • Internal Cash Control - 739 Words Internal Cash Control Iasia Goodson ACC/220 June 27, 2010 Jaclyn Strauss Internal Cash Control The weaknesses in the scenario E4-5 are huge. The first one is the fact that the company checks are not prenumbered, how will you keep track of what check was written and what it was written for. Another weakness would be that the purchasing agent and the treasurer are authorized to issue checks that are kept in an unlocked file cabinet. There is so much room for theft here; as... 739 Words | 3 Pages
  • Internal Control and Sunshine Center Task 3: Internal control 1. What do you think is the primary problem at the Sunshine Center? There where no financial reports or summaries of the cash flows. Probably, Barb wasn’t fare about the payments. Because there was no financial report it was not clear where all the money went to. 2. Why is accountability important to the Sunshine Center Committee? The director? Cli
ents of the Sunshine Center? Church members? It is so important to the committee so they can check if... 1,322 Words | 5 Pages
  • Internal Control System Brief Justification for an Internal Control System ACC/544 April 22, 2013 Christine Errico Justification for an Internal Control System Over the past years many organizations have fallen because of inadequate financial reporting and ineffective controls. To overcome this dilemma, the creation of the Sarbanes Oxley Act (SOX) of 2002 requires corporations to take full control over its financial reporting and accounting by placing internal controls within its organization. Internal controls not... 796 Words | 3 Pages
  • The Analysis of Internal Control Systems An Investigation of Auditor Decision Processes in the Evaluation of Internal Controls and Audit Scope Decisions 1. Introduction Over the past decade numerous studies have focused on auditors' judgments. With few exceptions these studies have found that when auditors are given the same task, they frequently make different decisions.' This result has been obtained for relatively simple tasks (e.g., Joyce [1976]) and relatively complex tasks (e.g., Reckers and Taylor [1979] and Mock and... 1,047 Words | 4 Pages
  • Internal auditing and controls - 1357 Words Module 7 summary Information technology auditing Module 7 looks at the impact of IT on internal auditing and the changing field of IT auditing. You are introduced to two frameworks that assist auditors with the evaluation of IT controls. The use of such controls is outlined, especially as they apply to computer communications, networking, and end-user environments. The module concludes with a look at the challenges of auditing in this environment where emerging technology is a constant.... 1,357 Words | 5 Pages
  • LJB Internal Controls - 1451 Words  Analysis of LJB Internal Control Procedures and Recommendations Table of Contents Introduction 3 Internal Controls Before Going Public 3 Correct Internal Control Procedures 4 Internal Control Discrepancies 4 Indelible Ink Recommendation 6 Summary 6 Works Cited 8 Analysis of LJB Internal Controls and Recommendations Introduction Assigned to review the internal control procedures... 1,451 Words | 5 Pages
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  • Internal Control Procedures - 371 Words The internal control system should be designed to detect and prevent fraud, errors and omissions, and material misstatements, but it can only provide reasonable assurance that the financial statements are free from material misstatements. The best designed internal control system will not prevent management override or collusion. The internal controls system is only as good as the management support behind the system; this includes training employees and actively monitoring the controls.... 371 Words | 2 Pages
  • Assignment Internal Cash Control E4-5 The weaknesses in the internal control over cash disbursements are, there should be only one person in charge of writing the checks for each task, and there should be numbered checks for both people so that the funds spend can be tracked easier, the cabinets were the checks are stored should be two locked cabinets, one for each person who writes the checks. Memo: I would recommend that to have a better control over money paid and items purchased, that you start having numbered... 1,004 Words | 4 Pages
  • Internal Control Evaluation - 645 Words Internal Control Evaluation Every business should take the steps necessary to ensure that its internal controls are functioning effectively and efficiently. It is important to have accountability at every level of a business. Creating a checklist to evaluate internal controls will support the business in this effort. According to Louwers, Ramsay, Sinason and Stawser (2007), an internal control questionnaire aide an auditor in gathering evidence about the control environment and accounting... 645 Words | 2 Pages
  • Internal Control and Home Improvement Ethics in Corporations Lowe’s Home Improvement is a chain of retail home improvement based in the United States. It was founded in 1946 in North Wilkesboro, North Carolina. Lowe’s Home Improvement has expanded internationally into Mexico, Canada, and joint venture with Woolworths Limited in Australia. Lowe’s Home Improvement ranked 54 in Fortune 500 for 2012, decreasing four spots in 2011 ("Cnn money," 2012). Lowe’s Home Improvement is the second largest retail home improvement chain, behind... 1,937 Words | 6 Pages
  • Internal Audit as an Effective Internal Control System at Ongc CONTENTS 1. EXECUTIVE SUMMARY 2. INTRODUCTION     Literature Review Global Oil & Gas Industry Overview Indian Oil & Gas Industry Overview Company Overview (ONGC) 2 4 6 6 20 23 24 26 28 38 39 40 41 3. INTERNAL CONTROL & INTERNAL AUDIT  Internal Control  Internal Audit  Standards on Internal Audit 4. PROJECT PROFILE  Objectives  Research Methodology 5. LEARNINGS & OBSERVATIONS  Learnings        Audit Scope & Coverage Organisation Structure of IA Department Audit planning &... 17,658 Words | 57 Pages
  • Internal Control and Shady Accounting Practices Group 3 1. Why did accounting fraud occur at WorldCom? Fraud occurred at WorldCom for a variety of reasons. The senior executives had unchecked power because the board of directors were only figure heads, the ethics hot-line was nonfunctional, and in internal audit department did report to the appropriate link in the corporate chain to minimize fraud. These reasons, combined with a poor company culture, created the environment where fraud was able to become an acceptable business process.... 1,691 Words | 5 Pages

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