Internal Control Being that LJB Company is still a small company with faith in their long term employees puts LJB in an advantage over competitors. Having long term employees show and express the loyalty towards the company. There is one advantage of LJB Company being a small firm as we are approaching our initial public offering. Because of some small issues that will need to be resolved as per internal control requirements‚ LJB being a small firm it should be easier to bring change with implementation
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OVERVIEW The best formulated and implemented strategies become obsolete as a firm’s external and internal environments change. It is essential‚ therefore‚ that strategists systematically review‚ evaluate‚ and control the execution of strategies. Chapter 9 presents a framework that can guide managers’ efforts to evaluate strategic-management activities‚ to make sure they are working‚ and to make timely changes. Computer information systems being used to evaluate strategies are discussed. Guidelines
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ABSTRACT Telecommunication industry becomes popular from years to years in Cambodia‚ a small country with more than 14 million people. Currently there are 8 operators of telecom company operating in Cambodia such as Latelz Co. Ltd. Metfone‚ Mobitel‚ Hello‚ Beeline‚ qb‚ Mfone‚ and Excel. In July‚ Latelz Co.‚ Ltd. which are known as Smart Mobile is under number 2 in the telecom market in terms of subscribers. Latelz Co.‚ Ltd. is selected to be our place for writing Senior Project Report of Analysis
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A. Identify internal control principles 1.The first internal control principal is an applied establishment of responsibility. Only one designated person is authorized to handle the tickets. One roll is designated per shift and the manager locks the roll in the cash register. Also designating only one person like a cashier to handle cash and different individuals should be assigned the duties of receiving cash‚ recording cash‚ and custody of cash. 2.The next principal is the segregation of duties
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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.
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study. Internal control is define as the whole system of internal control‚ financial and otherwise established by management in order to carry on the business of the enterprise in an orderly manner and efficient‚ ensure adherence to management policies‚ safeguard the assets and secure as far as possible the completeness and the accuracy of records. - Dr. Kwame Aveh. (Auditing page 82-83‚ 2010) The individual components of an internal control system are known as controls or internal controls. Internal
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The most expensive and best-publicized incident of computer sabotage happened at Omega Engineering Corp of Bridgeport‚ New Jersey. It was a classic example of inside hack attack‚ whereas a former employee intentionally launched a logic bomb that permanently caused irreparable damage‚ destroying more than a thousand programs in the matter of a few seconds. Omega Engineering was a thriving defensive manufacturing company in the 1990s; it used more than 1‚000 programs to produce various products with
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Checklist for Evaluating Internal Controls There are five components to internal controls. A comprehensive checklist should adequately define these components and ensure that each component has been adequately met. According to Louwers‚ Ramsay‚ Sinason‚ and Strawser (2007) the five components to internal controls include: 1. Control environment – Involves the tone of the organization and includes “the integrity‚ ethical values‚ and competence of the company’s people” (Louwers‚ Ramsay‚ Sinason
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IMPACT OF EMPLOYEE PERCEPTION AND ATTITUDE ON THE EFFECTIVENESS OF INTERNAL AUDIT IN PUBLIC SECTOR INSTITUTIONS A CASE STUDY OF NATIONAL SOCIAL SECURITY FUND IN KENYA ABSTRACT……………………………………………… …………………….…………..vii CHAPTER ONE: INTRODUCTION 1.0 2.0 Introduction…………………………………………………………………………….6 2.1 Internal Audit Function………………………………………………………………...6 2.2 Literature Review………………………………………………………………………7 2.3 Internal Audit Effectiveness……………………………………………………………8 2.4 Conceptual Framework………………………………………………………………
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2002 requires an audit of internal controls. The purpose of an internal control evaluation is to evaluate risk‚ which offers auditors a basis for audit planning and provides useful information to management ("Sox Law"‚ 2006). Auditors typically use the five basic components of internal control to approve the entire system. According to Louwers‚ Ramsay‚ Sinason‚ and Strawser (2007) the five components to internal controls include control environment‚ risk assessment‚ control activities‚ monitoring
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