Justification for an Internal Control System ACC 544 Justification for an Internal Control System Introduction According to A. A. Gramling in the Encyclopedia of Business and Finance‚ internal control can be described as “any action taken by an organization to help enhance the likelihood that the objectives of the organization will be achieved.” There are several approaches to risk management in an organization – the portfolio approach and the use of insurance are two. Both
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As part the celebration of the 50th Anniversary of the OECD‚ OECD Internal Audit and the OECD Public Governance and Territorial Development Directorate‚ in partnership with the Institut Français de l’Audit et du Contrôle Internes (IFACI)‚ the French Chapter of The Institute of Internal Auditors (The IIA) organised a Seminar on: Internal Control and Internal Audit: Ensuring Public Sector Integrity and Accountability‚ which was held on 13 April 2011 at the OECD Conference Centre in Paris. Fostering
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Alliance Internal Alliance Entrepreneurial Info Highway Financial Social Impact 3 -2 7 -6 4 5 7 2 Importance 8 7 6 5 5 4 4 3 Opportunity 24 Threat -14 42 -30 20 20 28 6 In this ETOP factors are tailored and ordered as to their importance Regulatory - tremendous opportunity to push for deregulation‚ led by STPI. They have had their lesson and learned well Competitive - AT&T‚ Sprint External Alliance - solid‚ mutually reinforcing‚ long-term Internal Alliance
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The educational requirements to be a animal control worker are not big requirements and wouldn’t take years like some other fields may require. First off one has to have a high school diploma. During high school‚ it would be a good idea to take animal science classes and law enforcement classes to familiarize oneself with the field. After high school one can take courses about the job but it is not required. When applying for the job‚ on-the-job training is required. One can get this training from
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Internal Controls Paper FIN/324 University of Phoenix November 2‚ 2005 Internal Controls Paper When it comes to the internal controls of firms and enterprises‚ executives are constantly keeping a close look on the accuracy and effectiveness of these controls along with seeking ways to better them. According to COSO (2004) the implementation of internal controls helps guide companies in reaching towards their profitability goals‚ the accomplishment of their mission statement‚ and helps minimize
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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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to review Auto Parts Inc. company functions. The consulting firm reviewed the cash‚ sales‚ accounts receivable‚ inventory and production functions. Based on this review‚ the consulting firm has prepared a proposal of internal controls for each function of the company. This proposal will give a background of each function and a list of the proposed internal controls. Cash Auto Parts Inc. manufactures and sells auto parts to car dealerships as well as the general public. Cash receipts come in the
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Chapter 1—Auditing and Internal Control TRUE/FALSE 1. Corporate management (including the CEO) must certify monthly and annually their organization’s internal controls over financial reporting. ANS: F PTS: 1 2. Both the SEC and the PCAOB require management to use the COBIT framework for assessing internal control adequacy. ANS: F PTS: 1 3. Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy. ANS: F PTS: 1 4. A qualified opinion
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Case Study 2 – Internal Control A review of policies and procedures for LBJ Company has been conducted‚ and there is a distinct lack of internal control that must be addressed in order for the company to go public. Internal control is identified as: “the process designed to ensure reliable reporting‚ effective and efficient operations‚ and compliance with laws and regulations” (Edwards‚ 1994). Additionally‚ to attract prospective investors‚ LBJ Company must follow the guidelines identified by the
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Week 7 You Decide Course Project Keller Graduate School of Management Question 1 The Securities and Exchange Commission (SEC) would only have influence over Smackey Dog Foods‚ Inc. if they are a publicly listed company or if they register to become a publicly traded company. The SEC assists investors by providing reliable information to investors so they can make informed investment decisions. If Smackey Dog Foods‚ Inc. becomes a public company‚ they would need to provide financial statements
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