LBJ company
Case Study 2 Internal Control of Ljb Company
|Case study : 2 |
|Internal Control Evaluation |
|LJB Company |
| |
To whom to be submitted: Prof. Kim Chung
By whom to be submitted: Md.Tanvir Apon
Submission Date: 02/09/2014
Table of Contents
|S/L. |Description |Page No. |
|1. |Preface |3 |
|2. |LGB Company: Internal Control Evaluation |4-6 |
|3. |References |7 |
Preface
This appraisal is being offered to the president of the LJB Company as a recommendations for the modifications of IPO planning and internal control of this company since they are intended to go public in near future. By following a line of investigation contemporary regulations regarding publicly traded company, we hope to put in order for a smooth transition into the trading market.
LGB Company : Internal Control Evaluation
Internal control refers to those procedures implemented by organizations intended for purposes of fortification of resources adjacent to threats such as waste, fraud and inefficiency. Additionally, its rationale is assessment of performance in all units; ensuring policy acquiescence and grounding of precise and consistent accounting data. The subsequent guidelines for publicly traded corporations and entail observance meant for internal controls and procedures for monetary exposure has been established according to the Sarbanes-Oxley Act of 2002 (SOX). For confirming the effectiveness and reliability of internal control senior management have to be in charge. Outside auditors must every so often authenticate the precision of and observance to the internal controls. An internal control report will generated along with the information recorded during
|Case study : 2 |
|Internal Control Evaluation |
|LJB Company |
| |
To whom to be submitted: Prof. Kim Chung
By whom to be submitted: Md.Tanvir Apon
Submission Date: 02/09/2014
Table of Contents
|S/L. |Description |Page No. |
|1. |Preface |3 |
|2. |LGB Company: Internal Control Evaluation |4-6 |
|3. |References |7 |
Preface
This appraisal is being offered to the president of the LJB Company as a recommendations for the modifications of IPO planning and internal control of this company since they are intended to go public in near future. By following a line of investigation contemporary regulations regarding publicly traded company, we hope to put in order for a smooth transition into the trading market.
LGB Company : Internal Control Evaluation
Internal control refers to those procedures implemented by organizations intended for purposes of fortification of resources adjacent to threats such as waste, fraud and inefficiency. Additionally, its rationale is assessment of performance in all units; ensuring policy acquiescence and grounding of precise and consistent accounting data. The subsequent guidelines for publicly traded corporations and entail observance meant for internal controls and procedures for monetary exposure has been established according to the Sarbanes-Oxley Act of 2002 (SOX). For confirming the effectiveness and reliability of internal control senior management have to be in charge. Outside auditors must every so often authenticate the precision of and observance to the internal controls. An internal control report will generated along with the information recorded during
References: 1. Kimmel. Financial Accounting: Tools for Business Decision Making, 7th Edition. John.W & Sons. Retrieved from http://devry.vitalsource.com/#/books/9781118654507/pages/73123677 2. Hightower .R (2008).Internal Controls policies and procedures. New jersey, U.S.A: Wiley & sons, Inc. 3. Landes C. & Ratcliffe T. (2009).Understanding Internal Control and Internal Control Services. Journal of Accountancy. Retrieved from http://www.journalofaccountancy.com 4. Internal Control Over Financial Reporting, Retrieved from http://www.sox-online.com/act_section_404.htmlThe new rules define “internal control over financial reporting”