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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Goodner Brothers‚ Inc. Internal Control Issues 1.List what you believe should have been the three to five key internal control objectives for Goodner’s Huntington sales office. 1. Assets Safeguard The padlock and other some security are used as a physical protection of Goodner’s inventory from stolen by unauthorized person. 2. Authorization of Transaction Goodner’s policy said that the new customer required an approval of the sale manager for the credit sale. The objective of this
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• 4-7 Procedures To Obtain An Understanding Of Internal Control And Related Documentation: - The auditor’s understanding of the client’s internal control is usually gained through the following procedures: - A- Prior experience with the entity: - This can be a major source of audit efficiency in recurring audits. Because systems and controls usually don’t change frequently or significantly from year to year‚ information obtained by the auditor in previous audits of the entity can be updated
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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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DEPARTMENT OF MANAGEMENT AND ACCOUNTING OBAFEMI WOLOWO UNIVERSITY‚ ILE-IFE‚ OSUN STATE QUESTIONNAIRE Dear Respondent‚ I am an MBA student of above named institution. You have been randomly selected to participate in a study on The Impact of Electronic Banking In Nigeria Banking System (A case Study of Union Bank of Nigeria plc). The end goal of this study is to examine bankers’ perceptions towards electronic banking in Nigeria. We will use your experience‚ views and ideas to
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QUESTIONNAIRE:- (Retailer Survey) Name of the shop: __________________________________________________ Retailer Name: ____________________________________________________ Address: __________________________________________________________ 1) Do you stock Amul Ice-cream? a) Yes b) No 2) If yes‚ what varieties of Amul Ice-cream do you preferred to store? a) Sticks b) Cones c) Cups d) Couple Packs e) Family Packs f) All of them. 3) If No‚ Why? a. Absence of packaging date b
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1.0 Thesis Title The Need To Review Internal Controls In The Public Sector. 2.0 Introduction Internal controls include all the policies and procedures adopted by an entity to assist in their objectives of achieving‚ as far as practicable‚ The orderly and efficient conduct of the entity including * Adhering to internal policies * The safeguarding of assets * The prevention and detection of fraud and error * The accuracy and completeness of the accounting records and
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company‚ a few internal controls should be implemented to comply with the Sarbanes-Oxley Act (SOX). * Management will need to provide periodic quarterly reports to evaluate the effectiveness and reliability of LJB’s internal controls over financial reporting procedures. * Management should certify the accuracy and fairness of presentation of their financial statements. * Independent auditor(s) outside of LJB will need to attest to management’s assessment of said internal controls. Additionally
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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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Questionnaires Questionnaires is a structured job analysis that measures job characteristics and also involve human characteristics. It uses to gather the data on jobs. There are two types of questionnaires‚ task inventory and position analysis questionnaires. There are two types of questionnaires‚ task inventory and position analysis questionnaires. Position analysis questionnaires type of job analysis that is standardized and would use for nearly any of the job (Harris.M‚ 1997‚ p124)
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