FNSACC50A Implement & Maintain Internal Control Procedures ASSIGNMENT 1. Who is ultimately responsible for the corporate governance of an organisation? The Board of Directors 2. Who else plays a part in corporate governance? Shareholders‚ auditors and other stakeholders. 3. Who are the stakeholders? A person‚ group or organisation that has interest or concern in an organisation. 4. List the corporate governance requirements a company needs to adhere to: The company has an adequate
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Whistleblowing and Sarbanes-Oxley Due Artize L. Johnson Professor: Steve Harris LEG 500 Law‚ Ethics‚ & Corporate Governance 26 April 2015 According to Halbert‚ Ingulli‚ & Frey (2015)‚ whistleblowers are people who decide to report unethical or illegal activities‚ usually activities under the control of their employers. They may be working for private companies‚ nonprofit organizations‚ or for the government. A whistleblower is an individual working in an organization who decides
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Question 1 a) Select two companies where inadequate internal control have resulted in disastrous effects on the organisation or exposed it to heavy losses. Research the facts of the failure and report on the facts and the losses suffered. In your report‚ include suggestions for changes to operations (internal controls) that could have prevented the final outcome. Where could you find a list of these internal controls and how are they documented? Examples of companies include: Coles Myer
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efficiently and effectively. Vineyard Vines has adopted a system of internal controls to stay on the cutting edge in the industry‚ and provide accountability‚ enabling seamless operation and management. Our process of controls is implemented to ensure integrity within our business‚ corporate governance‚ risk management and fiscal responsibility‚ while preventing fraud. and ill repute. The strong adherence to our internal controls and activities is what makes Vineyard Vines true to its mission.
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Inventory Internal Controls ________________________________________ A company’s investment in inventory is usually a large one‚ and it may be comprised of a large number of merchandise items that can be readily stolen and resold. If the inventory contains mostly raw materials‚ then keeping track of it is essential for ensuring that the production processes using it will not run short of materials. This means that you need to implement an array of controls‚ either to prevent theft or to ensure
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Generally‚ every organization’s performance could be enhanced if they have a sound internal control system. Internal control sys has two subcategories: A) Control environment B) Control procedures and policies @ control activities Control environment is abt attitude of board n mgt‚ whether they have integrity(honesty) and value the importance of running a sound internal control system. So‚ if their attitude is good‚ they will raise awareness and foster good attitude among ppl in the org
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Internal & Managerial Control “Internal (Management) Control is the set of accounting & administrative controls and practices that help ensure that approved and appropriate decisions are made in an organization” * in other words‚ to make sure that the right thing happens and the wrong thing does not happen‚ either purposely or accidentally Why Internal Control? 1. To safeguard the assets against waste‚ loss & misuse 2. Check the accuracy and reliability of accounting data
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Running head: INTERNAL CONTROL Tarsha Jackson Internal Control Walden University ACCT # 6650 Forensic Advance Audit Topics February 10‚ 2013 Internal Control The detection of fraud is depending on what type of fraud and the internal controls that are in place. Rancher‚ Riley and Wells (2011) reported “Statement on Auditing Standards (SAS) No.99 “Consideration of Fraud in
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Chapter 7 – Internal control Internal control – steps taken by business to prevent fraud – misappropriation of assets and fraudulent financial reporting‚ COSO defines IC as means to an end Achievements of objectives in the area of financial reporting‚ operations‚ compliance with law and regulations Foreign corrupt practices act: Transactions authorized with the knowledge of and authorization of management Means of achieving internal control – preventive control – prevents fraud ex: segregation
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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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