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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Chapter 5: Internal Control over Financial Reporting 1. Internal control is a process designed to guarantee the achievement of the objectives of reliable financial reporting‚ compliance with laws and regulations and ineffective and inefficient operations. FALSE 2. Auditing standards require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. TRUE 3. If internal controls are not enforced they are useless
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1Achievement Standard Biology 91155 Demonstrate understanding of adaptation of plants or animals to their way of life Biology 2.3A 3 credits All animals including insects‚ fish‚ and mammals have adaptations in some form of internal transport that allow them to carry out their way of life. Adaptations such as the different structures of the transport of nutrients and wastes‚ the gas exchanges‚ and the support and movement of the animal all take part in how each of the different animals operate
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because the absorption of the capital-market background and the implications of the finance concepts in the case will fully occupy the novice. This case updates and replaces “Peter Lynch and the Fidelity Magellan Fund‚” (UVA-F-0777) and “The Fidelity Magellan Fund‚ 1995” (UVA-F-1126). The case is intended for use in the opening stages of a finance course. It provides a nontechnical introduction to the U.S. equity markets and sets the foundation for some basic concepts in finance. Specific
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store managers being responsible for hiring as well as managing people issues at their locations. Training generally takes place at the store level as well‚ which has led to wide variances in the way that the stores are operated. Compensation and benefits administration is typically handled by region‚ with each of the three carrying on their legacy programs to a large degree (Franklin University‚ 2012). One source of competitive advantage for GC3 is their value proposition. Since GC3 was established
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Meaning of Internal Reconstruction: When a company has been making losses for a number of years‚ the financial position does not present a true and fair view of the state of the affairs of the company. In such a company the assets are overvalued‚ the assets side of the balance sheet consists of fictitious assets‚ useless intangible assets and debit balance in the profit and loss account. Such a situation does not depict a true picture of financial statements and shows a higher net worth
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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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Introduction of Intercontinental hotel. Intercontinential hotel‚as the first truly international hotel group‚ was born in 1946.it becomes the biggest hotel group on earth.This group also have the wildst distribution of hotel around the world.The goal of this hotel is creating great hotels guests loveThe headquarter of this company is in berkshire ‚ UK .During 2007‚ it employed approximately 10366 in 2007 . What is the meaning of environment? (Docstoc 2010‚ p3)That means the surroundings‚ influnces
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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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dispatched independently to approving authority. Once signed‚ the approved invoices should be sent independently to accounts payable. When the check is prepared by accounts payable‚ they should mail it directly to the third party. Under a strong internal control system‚ the employees and/or contractors should not be allowed to come in and collect checks directly. Direct contacts with accounts payable personnel make it too tempting for someone
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