A. Identify internal control principles 1.The first internal control principal is an applied establishment of responsibility. Only one designated person is authorized to handle the tickets. One roll is designated per shift and the manager locks the roll in the cash register. Also designating only one person like a cashier to handle cash and different individuals should be assigned the duties of receiving cash‚ recording cash‚ and custody of cash. 2.The next principal is the segregation of duties
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Pepsi Internal Control Procedures Pam Sharratt XACC/210 April 10‚ 2013 Cito Vanegas Pepsi Internal Control Procedures The Pepsi Co. has many shareholders that they have to answer too when certain things just do not seem to add up. They have different teams of management to oversee every area of operation and to make sure the company is running effectively and gaining the best profit possible. Like other companies over the last few years they have had their ups and downs in certain areas.
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Running head: INTERAL CONTROL AND RISK EVALUATION Internal Control and Risk Evaluation Patricia Coleman ACC/542 April 7‚ 2014 Maryln Fisher In today’s society‚ internal controls are applied to support an organization ’s managers to become more successfully to release the responsibilities by applying and understanding internal control concepts. Internal controls are most frequently saw as "a lot of red tape"; however‚ internal controls have different circumstances
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Chapter 10 Section 404 Audits of Internal Control and Control Risk Review Questions 10-1 Management typically has three broad objectives in designing an effective internal control system. 1. Reliability of Financial Reporting Management is responsible for preparing financial statements for investors‚ creditors‚ and other users. Management has both a legal and professional responsibility to be sure that the information is fairly presented in accordance with reporting requirements
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Causes and Effects of Internal Control Outcomes -Final Thesis- Universiteit Maastricht Faculty of Economics and Business Administration Maastricht‚ February 21th‚ 2008 Martina Kratz ID: 239232 Master International Business – Concentration Finance Supervisor: Robin Braun Abstract Since the implementation of the Sarbanes-Oxley Act in 2002‚ the topic of internal control systems never came to rest. The current subprime crisis is just one example of internal control failures and their negative consequences
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Internal Control Weakness and Corrective Actions Fan Company A has eight weaknesses with the current internal control system. I will name each weakness and the corrective action for each weakness identified that will improve the internal control system to help protect the company’s cast and inventory assets and to prevent unethical actions of employees. The first internal control weakness that I found is the accountant decided not to check the references on the two part time employees. The
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Misercola AIU Online ACCT205/Professor Francis Hoban Discussion Board 3 May 19‚2013 Abstract This paper will describe the limitations of the internal control system and also give the reader three examples of such limitations. Internal control procedures will be thoroughly discussed and how the procedures are actually executed. Signs and symptoms of an underdeveloped internal control system and the impact of a missing journal entry on a financial statement will be further reviewed.
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Case Study 2 – Internal Control 1. Inform the President of any new internal control requirements if the company decides to go public. As per the accident that happened in the company about some employees was viewing pornography on company computer and he had a hard time to get his employees admitted that they were the one who doing it. He should use limit access by individual passwords for each person to log in the computer systems. To make sure that which person was log on in the computer and
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may make a company more attractive to potential buyers‚ investors‚ and other capital sources. Under SOX Section 404‚ all publicly traded U.S. corporations are required to maintain an adequate system of internal controls. Corporate executives and boards of directors must ensure that these controls are both reliable and effective. Public Offering The transformation of going from a private to public requires some extensive planning and preparation. It is recommended that LJB‚ being a relatively
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| MANAGERIAL USE ANLYSIS | CASE STUDY 2 INTERNAL CONTROL | 12/1/2012 | Case Study 2 Internal Control . A requirement is important to know that all publicly traded U.S. corporations are required to maintain an adequate system of internal controls and procedures for financial reporting in accordance with the Sarbanes-Oxley Act Section 404. It is the responsibility of your executives to ensure there are dependable and effective controls in place‚ and auditors from outside the company
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