| 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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TABLE OF CONTENTS 1.0 INTRODUCTION 2 2.0 Role of internal control 2 2.1 Management: 2 2.2 Board of Directors: 3 2.3 Auditors: 3 2.4 Staff and junior managers 4 3.0 NEW RULES OF INTERNAL CONTROL 4 4.0 THE GOOD AND THE BAD 10 5.0 RECOMMENDATIONS 12 6.0 REFERENCES 14 1.0 INTRODUCTION Internal control is defined as a process affected by an organization ’s structure‚ work and authority flows‚ people and management information systems‚ designed to help the organization
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inherent risk‚ companies must establish effective internal control over their investments. a. Describe the functions that should be segregated to provide good internal control over financial investments. b. Describe two other internal control policies that should be established for financial investments. a. The functions that should be segregated with respect to financial investments are: 1. Authorization of purchases and sales‚ 2. Custody of the securities‚ and 3. Maintaining records of investments
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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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Characteristics of an Effective System of Internal Control 1.) In accounting systems‚ certain controls are needed to ensure that employees are doing their jobs properly and ensure that the system runs properly. These checks are in the best interest of the organization. These controls come in the form of internal controls for the system. The internal controls are the checks that are placed in the system by the company’s own management to prevent the intentional misrepresentation of financial data
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assignment we are going to explain the role of shareholders‚ directors and partners in the different types of business; and then we will see the importance of legal constraints on decision making within business organisations. 1- THE ROLE OF THE SHAREHOLDERS: There are no shares in the sole trader and partnership ownership; that is why shareholders do not apply in these two types of businesses. In Private Limited Companies‚ there must be at least two shareholders but no maximum number. The principal
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All publicly trader companies in the USA are required to maintain and have an up to date system of internal controls. Since the LJB Company is wishing to become a public entity‚ I am glad to be able to assist in this action. First‚ the rules and regulations must be reviewed and compared to the company and how it can become public. To make the company attractive to buyers‚ investors‚ and other capital sources‚ it is crucial that the corporate organization and governance are well manifested. Corporate
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| |ASSIGNMENT ON: AUDIT MANAGEMENT | | | |(Topic: Internal Control & Related Aspects) | |
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The weakness in internal control over cash disbursements is that there is no numbers on the check. If there were numbers on the checks it will be easier to file in order and the number to the check will be the identity of the person and reason for the check for the company’s records. Dear Management‚ The internal control over cash disbursements need to be revised. To maintain‚ proper and organized documents each check written by this company will have a number on it. For the safety of our
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“ Effective Management of Human Resource is essential for the prosperity and welfare of an organization‚ a society and a nation”. In the light of this statement describe the role of Human Resource Management. Personnel Management is the field of management which has to do the planning‚ directing and controlling the functions of procuring‚ developing‚ maintaining and utilizing a labour force so that the objectives of organization‚ personnel and society are served to the highest possible extent
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