Snap Fitness ACC/566 July 16‚ 2012 David Kochevar Snap Fitness Executive Summary Owning a business is a dream for many people and one way to obtain that dream is to take advantage of a franchise opportunity. Work-out centers are a rapidly growing business. “Economically‚ the health club industry has proven to be recession-proof‚ averaging an 8% annual growth rate since the early 1990’s across all health clubs and gyms”(Snap Fitness‚ 2012). The following paper will reflect
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for a company to benefit from assessing their control procedures. Internal controls are operating practices that are established to provide reasonable assurance that specific objectives will be achieved and every employee in the organization is responsible for internal controls. Implementing internal controls will help your business reach its performance and profitability targets‚ and most importantly prevent loss of resources. Internal Controls help to ensure reliable financial reporting‚ as
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Justification for an Internal Control System ACC/544 April 22‚ 2013 Christine Errico Justification for an Internal Control System Over the past years many organizations have fallen because of inadequate financial reporting and ineffective controls. To overcome this dilemma‚ the creation of the Sarbanes Oxley Act (SOX) of 2002 requires corporations to take full control over its financial reporting and accounting by placing internal controls within its organization. Internal controls not only establish
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Case Study 2-Internal Controls 2014 ACCT 504 Table of Contents I) Introduction II) Internal Control Requirements-Sarbanes/Oxley Act III) Internal Controls-Strengths IV) Internal Controls-Opportunities for Improvement Introduction It has come to the attention of the president of LJB Company that an evaluation is needed to determine the reliability and level of compliance of the company’s
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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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This report has been written to investigate and make suitable recommendation for improvement to the company’s internal control and accounting systems and assign such improvements to a cost benefit analysis. Fraud: No precise legal definition of fraud exists‚ though many of the offences referred to as fraud are covered by the theft Acts 1968 and 1978 (Kaplan chapter 5) Causes of fraud‚ common type of fraud: Falsification or alteration of accounting
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PHYSICAL FITNESS WHAT IS FITNESS? Fitness does not only refer to being physically fit‚ but also refers to a person’s mental state as well. If a person is physically fit‚ but mentally unwell or troubled‚ he or she will not be able to function optimally. Mental fitness can only be achieved if your body is functioning well. You can help relax your own mind and eliminate stresses by exercising regularly and eating right. FITNESS COMPONENTS a) Health Related Fitness The components of health related
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Internal Controls XACC/280 Christopher Stone 5.1.2013 Internal controls are an integral part of a business operation because of the extreme importance of assets. Assets are basically an economically valued item owned by an individual or corporation‚ which most often has a direct conversion rate to cash. Examples are cash‚ securities‚ accounts receivable‚ in-stock product‚ business equipment‚ real-estate‚ cars‚ and other valuable property. Assets are business resources which could lead
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Checklist for Evaluating Internal Control Judy Milstead ACC 544/Internal Control Systems February 18‚ 2013 Christine Errico Checklist for Evaluating Internal Control In a broader sense is to define Internal Control as a process affected by an organization’s management‚ director‚ and other personnel. In order to provide reasonable assurance in regards to the achievement
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Planet Fitness is a vastly growing franchisor in the fitness center industry. As an investor‚ it would be best to open up a new franchise in Newton‚ Massachusetts. Planet Fitness is continuously growing and has added 209 stores since 2015. We feel it would be best to open a new facility in a prime location where an affordable‚ yet practical gym best fits the demographic. Implementing a fancy gym that costs hundreds of dollars a month with over-the-top amenities is unnecessary. Newton is a hard
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