Internal & Managerial Control “Internal (Management) Control is the set of accounting & administrative controls and practices that help ensure that approved and appropriate decisions are made in an organization” * in other words‚ to make sure that the right thing happens and the wrong thing does not happen‚ either purposely or accidentally Why Internal Control? 1. To safeguard the assets against waste‚ loss & misuse 2. Check the accuracy and reliability of accounting data
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Task Investigation Essay on Internal Control Submit your completed Task to your teacher at the first lesson of Term 3 The Scenario Kay Slater‚ an experienced surfie and owner of Surfies and Boardies‚ has employed nine staff in her business to make and sell surf boards‚ and surfing equipment and assist with administration. She has employed her staff as follows: * Five of the employees work in the factory where valuable equipment is stored and used. Of these‚ one is responsible for the inventory
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Formulas Midterm Cost of Capital 1.1 Basic Formula [pic] The Equity-Beta is the covariance of the stock-return with the market-return 1.2 Betas Non Investment Grade (< BBB) The Equity-Beta can be analyzed as follows: [pic] The Equity-Beta is a function of the risk of a firm’s assets (operating risk) and the amount of financial leverage. [pic] An Asset-Beta (= unlevered Beta) reflects a firm’s operating risks without the effects of leverage. The Debt-Beta is
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4. Organisation background Inkwell Limited is a manufacturer of re-cycle inkjet and laser toner printer cartridges. Inkwell Limited printer cartridge is widely applicable. The main commercial focus is on strong retail market that demand cheaper and greener products Inkwell Ltd has a couple of small main suppliers that produce 4.1 Inkwell Limited is a limited company‚ established in 2003. The head office and
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appropriations. The Centers for Disease Control and Prevention is example of a government run agency. The Centers for Disease Control and Prevention is one of the most important health agencies in the world. The Centers for Disease Control and Prevention is a federal government run agency that relies on stakeholders and partners to offer important insight in planning and evaluating‚ and contributions in helping Americans live long‚ healthy‚ and satisfying lives. Centers for Disease Control and Prevention
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According to the Centers for Disease Control and Prevention (CDC)‚ chronic illness‚ such as obesity‚ heart disease‚ and cancer are among the most common and costly health problems associated with the elderly‚ they are also among the most preventable (Centers for Disease Control and Prevention‚ 2010). Because chronic diseases are the driven force behind the increase in health care and prescription cost for the elderly‚ programs such as wellness and chronic disease management programs can help reduce
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HOW DOES FAIRFAX MEDIA DEFINE CORPORATE SOCIAL RESPONSIBILITY (CSR)? Fairfax has commenced a process of stakeholder engagement to help determine what matters most to them in terms of its sustainability performance and corporate social responsibilities. This process has included engagement with their people‚ their shareholders‚ financial analysts and their audiences. Fairfax identified four areas of focus for Fairfax’s corporate social responsibilities: 1.Editorial integrity: Fairfax’s longstanding
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Therapeutic recreation is a treatment service designed to restore‚ remediate and rehabilitate a person’s level of functioning and independence in life. According to WHO- The world health organisation‚ health promotion is the process of enabling people to increase control over‚ and to improve their health. Health promotion represents a comprehensive social and political process‚ it not only embraces actions directed at strengthening the skills and capabilities of individuals but also the action directed
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Chapter 1—Auditing and Internal Control TRUE/FALSE 1. Corporate management (including the CEO) must certify monthly and annually their organization’s internal controls over financial reporting. ANS: F PTS: 1 2. Both the SEC and the PCAOB require management to use the COBIT framework for assessing internal control adequacy. ANS: F PTS: 1 3. Both the SEC and the PCAOB require management to use the COSO framework for assessing internal control adequacy. ANS: F PTS: 1 4. A qualified opinion
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Lecture note on monitoring business and accounting systems. ------------------------------------------------- internal control systems and internal controls An internal control system is the whole system of controls‚ financial and otherwise‚ established by the management in order to * Carry on the business of the enterprise in an orderly and efficient manner‚ * Ensure adherence to management policies‚ * Safeguard the assets and secure as far as possible the completeness and accuracy
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