ARVI MARIE S. CALONZO BSA 4B Applications of Internal Control to Cash Receipts ---Cash receipts may result from cash sales; collections on account from customers; the receipt of interest‚ rents‚ and dividends; investments by owners; bank loans; and proceeds from the sale of noncurrent assets. ---The following internal control principles explained earlier apply to cash receipts transactions as shown: Establishment of responsibility - Only designated personnel (cashiers) are authorized
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Limitations of Self Report Data Abstract Self-report data may be obtained from a test or an interview format of a self-report study. The format of self-report study that will be used to discuss limitations of self-report data will be a test and a personality disorder test will be used as an example. For specific example answers for the test I completed the results all rated “low” for all personality disorders. Limitations arise from decreased reliability and validity and issues with credibility
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(textured vegetable protein) ¼ cup Hydrate for 3 minutes. 4.50 Qualicel ¼ 3.00 Versagel ¼ cup 18.00 Subtotal 25.50 Seasonings Qty. Cost Refine sugar 1 tbsp P 1.92 Black pepper‚ ground ½ tbsp 3.00 Garlic powder 2 tbsp 4.00 Dried carrots ¼ cup 10.00 Water for hydration ½ cup Young green onions‚ finely
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Published Article-Sox Institute 12/2008 The Essence of Internal Control A statement on policy and procedures issues as they relate to managements views and /or findings with regard to OMB A-123 audits. Writing position papers on justification of actions taken has raised some questions about control. There seems to be a shift in the mind set of managers now that Section 404 of Sox’s (documentation) has really kicked in with compliance performance of the financial managers responsibility
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ACCT301 Week 2 Homework 1. In two to three paragraphs‚ describe the Sarbanes-Oxley Act and why it is important to the accounting profession. (15 points) The Sarbanes-Oxley Act was passed in 2002 by Congress after a series of scandals involving companies such as Enron‚ WorldCom‚ and Tyco. This was passed because of shady transactions and misrepresented financial data which caused shareholders to lose millions of dollars and their trust in investing in public companies. It was passed to create
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Internal cash control is very important to any business. Without effective methods in place to ensure that funds and resources are being used in an ethical and efficient way‚ a company may lose money or run into many other problems. Through proper establishment of responsibly‚ segregation of duties‚ document procedures‚ and security measures‚ any company should be able to maintain their funds and feel confident that their employees are producing accurate and ethical results. In the exercise detailing
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Jurgen Skembi Homework5 Internal Control Audit Standards a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit? An auditors’ understanding of the internal control components should be used for 3 reasons: a) To identify the potential misstatement that might occurs b) To identify the factors that affect the risk of material misstatement c) To influence the design of substantive procedures b. What is required
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determine if the client needs to see a different professional. Decisions and treatment options for the client are always made with the best interest in mind for the client. As mentioned in the code of ethics section A.2.e Mandated client’s counselors discuss the required limitations to confidentiality when working with clients who have been mandated for counseling services.
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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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Strengths‚ Limitations and Social Work Every theory has strengths and limitations‚ which can be beneficial to understanding behaviour as well as leaving gaps in knowledge as not every theory can explain every facet of human behaviour and understanding this is a key part of social work practice. The social work profession is guided by the AASW Practice Standards‚ which aim to provide a guide to practice‚ collective standards and expectations and can be used as a platform for ongoing professional
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