Obtaining an understanding of internal control allows auditor’s to identify the types of material misstatements that could occur in the financial statements‚ consider the factors that affect the risk of material misstatements‚ and design substantive tests. An auditor obtains the understanding from researching the clients business. An auditor will take inquires from management and personnel‚ observe client activities and operations‚ walk-through the business‚ and inspect client documents and records
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| 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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The invention of the internal combustion engine is most probably the result of the developments of several individuals. Around 1780‚ Dutch scientist Christiaan Huygens built an engine that used gunpowder as a fuel‚ but this engine was far too dangerous to be practical. His assistant‚ Denis Papin‚ also experimented with developing an internal combustion engine‚ building a simple steam-powered device around 1790. Again‚ this engine was not practical‚ and not until the early nineteenth century did the
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EXTERNAL/INTERNAL FACTORS External/Internal Factors Paper External/Internal Factors Paper In 1962‚ the Dayton Corporation opened Target‚ a discount chain store in Minnesota. Through the years‚ Target has grown considerably so that in January 2000‚ the Dayton Hudson Corporation changed to Target Corporation. The Target Corporation Annual Report 2007 states that 118 new stores opened in 2007‚ 33 of them being SuperTarget stores. Nearly 1‚600 stores are operating in 47 states‚ with plans to have
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The Internal Sources of Finance In order to grow your small business into a larger one‚ it is important to invest in it. And to invest in your business‚ you need access to finance. Unfortunately‚ external sources of finance — lenders and investors — are often skeptical of small businesses. This can leave you to rely on internal sources of finance for investing in your business. Retained Earnings Retained earnings are an easy source of internal financing to use because they are liquid assets. Retained
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Internal Combustion Engines An internal-combustion engine is a heat engine that burns fuel and air inside a combustion chamber located within the engine proper. Simply stated‚ a heat engine is an engine that converts heat energy to mechanical energy. The internal- combustion engine should be distinguished from the external- combustion engine‚ for example‚ the steam engine and the Stirling engine‚ which burns fuel outside the prime mover‚ that is‚ the device that actually produces mechanical
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Booker T Washington and W.E.B. Du Bois are both remarkable black leaders of the black Americans. What they do with the inequality of blacks is very different. Booker T Washington was born in a black slave family and his way to work is to communicate with the white and make them feel the way they are in an upper level and blacks are beneficial for them with letting them being accepted in their earth. W.E.B. Du Bois attended Fisk University‚ a top historically black college‚ obtained his bachelor’s
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Internal Structure of the Stem The internal structure of the stem is usually more complex than the other plant organs for it performs and provides various functions. These functions are: * For mechanical support * For conduction of water * For conduction and storage of manufactured food * For continuous growth of the stem in thickness These functions are centered at the fibro vascular system that is composed of two major tissues‚ the xylem and the phloem. Internal Parts of Woody
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Assignment 2: External and Internal Environments April 28th‚ 2013 The forces within the general environment‚ including politico legal‚ economic‚ technological‚ socio cultural and international forces‚ have a broad general impact on the organization. Although these forces do not always have a direct influence on the organization’s daily activities‚ they are important. Today eBay users can bid anything from office equipment’s to real estate to cars. It is surprisingly true but perplexing that
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A system of internal control refers to the process by which organizations maintain environments that encourage incorruptibility and deter fraudulent activities by management and employees. An organization’s components of internal control are evaluated during the planning phase of an independent financial statement audit. The results of the evaluation directly influence the auditor’s level of detailed testing. To reduce detailed testing‚ and perhaps the audit fee‚ organizations implement common features
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