1 -Terms of Reference 2 –Methodology 3 - Executive Summary 4 – Background of the company 5 - The Accounting System & Internal controls 6 – Evaluation of the Accounting Systems 7 – Strengths & Weakness in the Accounting System 8 – Recommendations for Improving the cash handling‚ Payroll & Accounting Systems 9 – Cost benefit analysis 10 - Conclusion 11 - Appendices 1) Terms of Reference 1.1 This project has been prepared to fulfill
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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 control
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Checklist for Evaluating Internal Controls ACC/544 April 29‚ 2013 Christine Errico Checklist for Evaluating Internal Controls Internal controls are methods a company implements to safeguard and protect the company in its day-to-day operations as well as its financial information. To ensure these controls are effective and performing properly a company must evaluate these controls. In performing this evaluation a company should use the three phases of the control evaluation. These phases
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exposure. Cost Principle: The accounting principle that goods and services purchased should be recorded at their historical cost and not at their current market value. Holds that the accounting records should continue reporting the historical cost of an asset over its useful life. Hold that fair market value should not be used over actual costs. States transactions should be recorded at the price that was paid. Reason why accountant should not write-up the value of equipment due to
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Summarizing the Medigap Program 1 Summarizing the Medigap Program Debbie Ryan July 18‚ 2010 Ms. LaShay Martin AXIA College of University of Phoenix Summarizing the Medigap Program 2 Medigap insurance was started to help out with the medical expenses that government program Medicare did not pay. Unlike the Medicare program the Medigap insurance is private insurance one would acquire through an insurance company. Some of the core benefits of Medigap Insurance
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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 policies
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than one person writing this memo‚ write all first and last names here) October 8‚ 2012 (NOTE: no “th”‚ “st”‚ “nd”‚ or “rd” in the date) Students’ Guide to Memorandum Writing (do not mention “case” or “assignment”) INTRODUCTION In this memorandum‚ I will discuss proper writing specifically for your memo-format assignments. I will address distinct components and styles of a memorandum. I also will make recommendations for using visual aids at the end of your document. MEMO FEATURES A memo typically
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TPFormatV07 TERM PAPER FORMAT 2003 11 03 INTRODUCTION The preparation of a research paper -- be it for a class term paper‚ a professional journal article‚ a technical report at a job‚ or a graduate thesis -- may generally be divided into five tasks: (1) identifying the problem or question to be dealt with; (2) collecting data (measured observations and/or bibliographic references) about the problem or question; (3) analyzing the data‚ either by statistical examination of the observations‚
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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 and
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| LJB Company Internal Control Report Review | October 2‚ 2011 | [Type the document subtitle] | The management of LJB Company is responsible for establishing and maintaining adequate internal control over financial reporting. This internal control system is designed to provide reasonable assurance to the company’s management and board of directors regarding the preparation and fair presentation of published financial statements. All internal control systems‚ no matter how well designed
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