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 public
Premium Internal control
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 preventive
Premium Internal control Management Risk management
Internal Control and Risk Evaluation A risk is the chance of a negative event occurring. Internal controls are policies and procedures set in place to reduce the occurrence of an associated risk. Risks are never entirely eliminated; however‚ internal controls help reduce the occurrence and balance the risk. This brief will discuss the risks of Kudler Fine Food’s current Accounting Information System (AIS). In addition‚ the internal controls designed to mitigate the risks. Furthermore
Premium Auditing Risk Audit
Internal Control and Risk Evaluation Internal controls are the key to running a successful business. Kudler Fine Foods‚ after reviewing flowcharts created by Accounting Team A‚ is requesting information regarding controls for system improvements. Presented here is an analysis of their current accounting information system‚ risks and controls associated with this system and an evaluation of applying internal controls to help mitigate risks and losses. Risk Analysis Assessing risk is a difficult
Premium Accounting software Accounts receivable Risk management
Chapter 10 Section 404 Audits of Internal Control and Control Risk Review Questions 10-1 Management typically has three broad objectives in designing an effective internal control system. 1. Reliability of Financial Reporting Management is responsible for preparing financial statements for investors‚ creditors‚ and other users. Management has both a legal and professional responsibility to be sure that the information is fairly presented in accordance with reporting requirements
Premium Internal control Auditing Audit
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 come to a decision
Premium Auditing Audit Internal control
0. Understand the social as well as the personal losses due to traffic crashes. 0. Become better acquainted with certain crash prevention techniques. 0. Gain better understanding of our Florida Traffic Laws in respect to speed‚ signs‚ school buses and the consequences. 0. Learn the importance of safety equipment. 0. Learn what the affects of alcohol have on our driving capabilities. Course Outline Introduction(this module) - 5 minutes * PART 1 - TRAFFIC CRASH PROBLEM
Premium Traffic Road Accident
Assignment Please note you have three assignments for this week. The case study‚ the weekly assignment and continue working on the final draft for the individual research project. Case Study (Knapp book): Dollar General Stores Questions 1-4 Weekly Assignment: Textbook (Boynton book): Complete and submit the following questions for grading: 14-26 14-28 15-23 15-27 16-24 16-33 14-26 (Analytical procedures) the following data was taken from the production and account ing records for Casuccio Manufacturing
Premium Accounts receivable Balance sheet Inventory
Could WW2 have been prevented? WW2 was a tragedy that killed 60 million people‚ it brought international distrust‚ repressed feelings and resented economic hardship‚ however‚ could it have been prevented? The Treaty of Versailles‚ which formally ended the war‚ did little to address unresolved issues and promoted international indignation while harsh economic conditions devasted millions of people. I believe if the world leaders had addressed these issues and taken a step to international trust‚
Premium World War II World War I Adolf Hitler
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 organization
Premium Accounts payable Accounting software Accounts receivable