REPORT SUMMARY CHAPTER 1: DEFINITION Internal Control is a process‚ effected by an entity’s board of directors‚ management and other personnel‚ designed to provide reasonable assurance regarding the achievement of objectives in the following categories: - Effectiveness and efficiency of operations - Reliability or financial reporting - Compliance with applicable laws and regulations. Internal control is: - A process; Internal control is not one event or circumstance‚ but
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TOPICS/QUESTIONS Pg 11 10 9 8 7 6 5 4 3 2 1 MCS BASIC X X X X X X X X Explain briefly various stages of management control process citing salient features of each 4 158 X X X X Management control in matrix structures 3 67 X X X Describe the features of ideal management control systems and its processes? 3 4 X X X Describe and illustrate significance of human behavior patterns in management control system 2 61 X X Explain some factors which may influence
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TABLE OF CONTENT Chapter Topic Pages 1.0 Introduction 1 2.0 Problems 1: Lack of internal control 2.1 Root Causes 2.2 Recommended Solutions 2 2 4 3.0 Problems 2: Conflict of interest 3.1 Root Causes 3.2 Recommended Solutions 5 6 7 4.0 Problems 3: Unclear leadership and poor management 4.1 Root Causes 4.2 Recommended Solutions 8 8 9 5.0 Problems 4: Poor documentation 5.1 Root Causes 5.2 Recommended Solutions 10 10 11 6.0 Best solution 11 7.0 Conclusion 13 References 15
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the « Danone Inside PACK » itself (pages 49-60). In charge : DGD – Risk‚ Control & Audit Department Co-authors : DGD – Group Legal Department DGRH – Sustainable Development and Social Responsibility Department DGRH – Social Policy Department DGD – External Relations Department History May 2009 – Version 4.1 April 2006 – Version 3.2 July 2005 – Version 3.1 July 2001 – Version 2 July 1996 – Version 1 Level of Internal and external use confidentiality – Broad distribution Total number of pages 12 Languages
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References: list 1. Lecture : Pricing and Costing 2. easyJet Airlines: Small‚ Lean‚ and with Prices that Increase over Time (Oded Koenigsberg Columbia Business School 0 Columbia University‚ New York‚ NY 10027- ok2018@columbia.edu 3. http://www.britishairways.com/cms/global/microsites/ba_reports0809/pdfs/Strategy.pdf 4. http://www.london.edu/facultyandresearch/research/docs/CM_04-904.pdf 5. EasyJet Pricing Strategy: Should Low-Fare Airlines Offer Last-Minute Deals? (Coauthor(s):
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develop and maintain systems of internal control that can enhance the likelihood of achieving the entity’s objectives and adapt to changes in the business and operat- ing environments. COSO is pleased to present this Internal Control—Integrated Framework (Framework). Information and Communication Principle 13. Uses Relevant Information The organization obtains or generates and usesrelevant‚ quality information to support thefunctioning of other components of internal control. Information Requirements Internal Control Component
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new environment. You earn a great salary‚ pay exorbitant rent for a tiny apartment‚ and are on the audit team for one of the leading banks in the U.S. You couldn’t sleep because of the traffic noise last night‚ so you stayed up far too late reading the Committee of Sponsoring Organizations’ (COSO) Internal Control-Integrated Framework and tried to figure out how it relates to your first real audit. “Please sit down‚” Ms. Rise continues. “How has your first month here been? Are you enjoying your
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Chap 1 : MANAGEMENT AND CONTROL 1) Causes of Management -Lack of Direction -Motivational Problems -Personal Limitation 2) Avoidance -Activity elimination : Eliminate what is not working properly -Automation -Centralization -Risk Sharing Chapter 2 SECTION II 3) Result Control : Preventive type Control Helps Mgr to address strategy‚ org‚ employees are performing - Steps : 1. Define Performance dimension 2. Measure Performance 3. Setting Target 4. Provide Reward Requirement for Effective Result control
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job and in fact I continually improve myself for me to effectively perform my work. Making decisions within the company is not an easy task to do. Sometimes making the right decision may not seem right when it involves your own feelings. Being an internal auditor‚ my work involves examination and scrutinizing the work done by my co-workers. The job is not easy to do because there are person who will take it personally when you investigate some aspect of their works. Being personally involve in a special
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trouble. Our research into the events leading to this scandal‚ as well as an observation of the internal control environment led to some interesting insights regarding possible improvements Olympus might implement. However‚ we also note that a collusion of board members cannot be prevented by any level of internal control‚ and a renewal of the entire board might be appropriate in order to establish proper internal control within the Olympus Corporation. Table of Contents Table of Contents
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