Accounting & Finance Faculty FNS10 Financial Services FNSACC506A Implement and Manage Internal Controls Semester 1 2014 ASSESSMENT TITLE Assessment 1 – Assignment 1 ASSESSMENT CONDITIONS/INSTRUCTIONS Take home assignment – Questions and Research Aids to be supplied by college: None. Aids to be supplied by student: None Prescribed Text book(s) Standard Dictionaries Bilingual Dictionaries Technical Dictionaries Programmable Calculators Non-programmable Calculators
Premium Corporate governance Corporation Internal control
Chapter 5: Internal Control over Financial Reporting 1. Internal control is a process designed to guarantee the achievement of the objectives of reliable financial reporting‚ compliance with laws and regulations and ineffective and inefficient operations. FALSE 2. Auditing standards require that the auditor exercise professional judgment and maintain professional skepticism throughout the planning and performance of the audit. TRUE 3. If internal controls are not enforced they are useless
Premium Internal control Auditing Audit
Internal Controls XACC/280 Whenever having a company‚ he or she must have the right aspects so that business can run as smoothly as possible. The existence where not having the company together as supposed to‚ then there are problems that can follow. Internal control is the safeguard of the assets and the accuracy along with able to rely on he or she’s accounting records and the guide to success is making sure that he or she follows the control principles. The two sentences before this is the
Premium Internal control Sarbanes–Oxley Act
Internal Controls XACC/280 April 7‚2013 Axia Internal Controls Internal controls are put into place to safeguard a company’s assets and to promote the accuracy of their accounting records. There are two primary goals of internal controls. The first goal of internal controls is to safeguard it’s assets from employee theft‚ robbery‚ or unauthorized use. When there is a large some of money there is temptation from employee’s to take some of it. Many employees believe they are underpaid
Premium Audit Sarbanes–Oxley Act Internal control
Effective internal communications is essential to the success of a company and the accomplishment of its mission and strategic objectives. The best companies ensure that internal communication channels flow from the highest to the lowest levels of the organization. As a result‚ employees are familiar with the mission‚ vision‚ and strategic objectives of the company and have a solid understanding of how their individual jobs contribute to overall success. While the importance of internal communications
Premium Communication Public relations Strategic planning
Generally‚ every organization’s performance could be enhanced if they have a sound internal control system. Internal control sys has two subcategories: A) Control environment B) Control procedures and policies @ control activities Control environment is abt attitude of board n mgt‚ whether they have integrity(honesty) and value the importance of running a sound internal control system. So‚ if their attitude is good‚ they will raise awareness and foster good attitude among ppl in the org
Premium Internal control Auditing
Internal Accountant’s Report to Management The company is thinking about performing a full financial status review prior the release of an upcoming government contract bid. This report will provide supporting information for a full financial status review prior to bid. This supporting information will include the impact of occupational fraud and abuse on the company and how the governmental oversight of accounting and fraud affects the company. The report will also provide potential corruption
Premium Enron Political corruption Fraud
Evaluate the scenarios internal controls and reveal their weaknesses Dora I. Gonzalez Devry University Abstract Why Internal Controls? An efficient internal control system aids the company to achieve its mission and accomplish set objectives and goals. An effective internal control systems helps promote orderly‚ economical and efficient operations‚ along with producing quality products and services consistent with the company?s mission. Safeguard resources against loss due to waste
Premium Management Internal control Auditing
INTERNAL CHECK i. INTERNAL CONTROL MEANING AND DEFINITION THE COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF ENGLAND AND WALES “ the whole system of control financial and otherwise‚ established by the management in order to carry on the business of the company in an orderly manner‚ safeguard its assets and secure as far as possible the accuracy and reliability of its records.” It is the whole system of controls established by the management for the proper conduct of the various activities
Premium Internal audit Internal control Auditing
Internal audit’s role in modern corporate governance Thought leadership series Risk and Advisory Services Internal audit’s role in modern corporate governance Recent events have highlighted the critical role of boards of directors in promoting good corporate governance. In particular‚ boards are being charged with ultimate responsibility for the effectiveness of their organisations’ internal control systems. An effective internal audit function plays a key role in assisting the board
Premium Internal control Corporate governance Internal audit