Memorendium to: from: subject: date: The purpose of this brief report is to explain the need for the internal control system within the organization. When controls are in place with an insurance and portfolio approach. An internal control system in any organization is a way to regulate‚ to reduce lost‚ to minimize risks‚ and to accomplish the organizational goals and success (McCarthy‚ 2004). The majority of organizations depend on the insurance approach and the portfolio risk management
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The world’s natural resources are balanced by the humans need for survival. Martel suggests this theory in his book “The life of Pi” because it can relate to how humans today go in a balance life relationship with the world’s natural resources. Although humans currently comprise only a minuscule proportion of the total living biomass on Earth‚ the human effect on nature is disproportionately large. Because of the extent of human influence‚ the boundaries between what humans regard as nature and
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To answer the following question: Relate the generation of all three rock types (igneous‚ sedimentary‚ and metamorphic) to plate tectonics. I will start first‚ with igneous rocks and how does it relate to plate tectonics. Second‚ with sedimentary rocks and progressively keep on answering how all three types of rocks relate to plate tectonics. Will be giving as much information I learned from class. To assure‚ answer is fully answered. The igneous process begins when magma forms by melting at depth
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for an Internal Control System ACC/544 December 2‚ 2013 Justification for an Internal Control System The internal control system has been used since the company was in need of the system and until this day it has been working to its fullest potential. Internal control plays an important key in making sure that the accounting information‚ financial data‚ meeting the targets‚ and ensuring that the management policies are getting followed. There are two elements in making an internal control
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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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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
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1- public accounting firm is a firm that registered by the public accounting oversight board so it provides accounting service to public company. Sarbanes-Oxley Act of 2002 contains provision preventing any company which is not registered with the board from‚ furnishing‚ participating in an audit of a public company or preparing. the different categories of public accounting firm are as follow : (Local Regional National Big 4 Alternative Practice Structures) Also there are different
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1. How an auditor evaluates the efficacy of internal control system? Ans: The auditor has to decide whether he can place reliance on the internal control. If internal control is adequate‚ he can restrict nature‚ timing and extent of his checking accordingly. If not‚ he is left with no alternative but to resort to detailed checking. The manner of evaluation of internal control may be in the following lines: 1. Making preliminary evaluation of the system 2. Compliance procedures to evaluate
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Justification for an Internal Control System Ginger Lankford Internal Control Systems ACC544 Robert J. Cornett‚ MBA October 4‚ 2010 Justification for an Internal Control System Businesses need an efficient and cost-effective internal control system even with insurance and a portfolio approach control in place. Insurance is necessary and the portfolio approach is very effective but is more reactive than preventive. Internal control sets the foundation to ascertain reasonable assurance
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The Family Smoking Prevention and Tobacco Control Act of 2009 On February 12‚ 2012 a federal court ruled that the new graphic warning labels scheduled to be placed on cigarettes packages in September 2012 violate tobacco companies’ first Amendment right. These warning labels were required by The Family Smoking Prevention and Tobacco Control Act of 2009 which was signed by President Obama on June 22‚ 2009. Rep. henry A. Waxman‚ the author and champion of the Food and Drug Administration-tobacco
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