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 form of credit card‚ electronic payments
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The Evaluation and Control Process Strategic Management and Planning Michael Donovan Final Exam Eric G. Tankard Potomac College April 22‚ 2011 Abstract “Strategic management is the professional discipline related to the development of strategic goals and plans to achieve these goals. Performance is an important part of strategic management because it allows managers to see if plans are being successfully implemented. There are four key types of performance
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critically analyze the • To evaluate the importance of having Internal Control procedures within ‘The Bargain Centre’ Aims: • To investigate the number of different internal control procedures used within ‘The Bargain Centre’ • To gain knowledge of how the different internal control procedures help secure the business against theft and embezzlement etc. Data collection: In order to carry out my research on Internal Controls within ‘The Bargain Centre Supermarket’ I have observed over
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EXECUTIVE SUMMARY Our group was assigned to carry out the duties as internal auditor to audit the operations of the Library. We have been undergoing the task based on our objectives. We have selected TAN SRI DATO ’Sanusi Junid‚ International Islamic College (IIC) Gombak library. On Monday‚ 13 August 2012‚ we went to the IIC and the library management was welcomed our presence. We have interviewed Mr. Muhammad Arif Bin Osman‚ which is the Executive Assistants. He was very helpful in terms of delivering
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public companies to hire outside firms to perform their financial audits on an annual basis‚ no company can use the same firm for more than five years at a time‚ allowing a different set of eyes to look at their financial statements and taking away the risk of fraud. Each public company’s Chief Executive Officer (CEO) or Chief Financial Officer (CFO) is required to certify that the company’s financial date is accurate and correct. If they’re not correct either the CEO and/or the CFO can face criminal
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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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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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V. Internal Control & Banking Relationship Basic Controls Internal control refers to a system of financial checks and balances designed to minimize errors or misappropriation of assets‚ maximize the detection if it occur and protect the association overall. It is the treasurer’s responsibility to safeguard the assets of the association by ensuring these controls are in place. One of the basics of good internal control is that no one person handles all aspects of any financial transaction
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Upon finishing the two exercises‚ I have concluded that external locus of control plays a huge part in my life. I found multiple correlations between the two scores‚ I have always taken everything lightly and I have procrastinated until the last minute to do things‚ I have told lies on why I couldn’t do the work multiple times to my instructors‚ I lack motivation to follow through with my plan of action (Trust me I have made a lot of those). I feel like something is missing from my life which makes
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TABLE 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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