system of ‘internal control (I.C).’ (D.P. Jain‚ 1993). Management not the auditor must establish and maintain the entity’s of control. (Alvin J.‚ James K.‚ W. Morley‚ Ingrid B.‚ 2000). According to Spicer and Pegler‚ “internal control is best regarded as indicating the whole system of controls‚ financial and otherwise estimated by the management in the conduct of a business including internal check‚ internal audit and other form of controls.” (D.P. Jain‚ 1993). Larry F. (2002) defines internal control
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Revenue Cycle and Control Activities The revenue cycle for many companies is considered the primary source to earn revenue from the sale of goods or service. Good controls must be established to maintain the effectiveness of receivables and credit sales‚ not doing so can harm the company and might be costly to the business. Six classes of internal controls guides us in evaluating and designing transaction processing. They are authorization‚ supervision‚ segregation of duties‚ access control‚ independent
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Capacity in Units 450‚000 450‚000 450‚000 Production in Units 450‚000 400‚000 300‚000 Inventory in Units 32‚000 28‚000 21‚000 Financial Data ($000) Total Revenues 35‚200 27‚500 21‚200 Total Assets 23‚000 19‚500 15‚700 Accounts Receivable‚ Net 5‚900 4‚300 3‚900 Bad Debt Expense 175 135 105 Accounts Receivable Written Off 165 125 100 Required 1. Calculate the following ratios for 20x9‚ 20x8 and 20x7: a. Sales to total assets b. Sales to production c. Revenue per unit sold d. Accounts receivable
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In one to three percent of Huntingtons Disease patients‚ have no family history of HD (HuntingtonsDisease1). Huntington’s disease is a very inconvenient and frustrating disease‚ scientists are trying to create treatments and a cure for Huntington’s disease. The one problem with finding a cure is the lack of funding‚ with your help though‚ there is hope. HD dose not have a cure‚ but knowing what it is‚ the history‚ current treatment‚ may help scientists find a cure and provide more funding for research
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Operations Planning Control A Project On Operations at Nadikattu Cotton Industries 1. INTRODUCTION 6 1.1 PRODUCTION PROCESS 1.2 INVENTORY MANAGEMENT 2. ABOUT NADIKATTU COTTON INDUSTRIES 7 3. INFRASTRUCTURE 7 3.1 INFRASTRUCTURE AND QUALITY 3.2 FACT SHEET 3.3 NEWS 4. ENUMAMULA VILLAGE‚ WARANGAL 10 4.1 ABOUT ENUMAMULA 4.2 DEMOGRAPHICS OF ENUMAMULA 5. OPERATIONS AT NADIKATTU COTTON INDUSTRIES 11 5.1 SUPPLIERS 5.2 PRODUCTION PROCESS 5.3 INVENTORY MANAGEMENT 5
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Jurgen Skembi Homework5 Internal Control Audit Standards a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit? An auditors’ understanding of the internal control components should be used for 3 reasons: a) To identify the potential misstatement that might occurs b) To identify the factors that affect the risk of material misstatement c) To influence the design of substantive procedures b. What is required
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KEY TERMS Production Organization: Organization that produces tangible goods that can be mass-produced and stored for later consumption. Service Organization: Organization that produces intangible goods that require consumer participation and cannot be stored. Operation Management: Complex management activity that includes planning production‚ organizing resources‚ directing operations and personal and monitoring system performance. Productivity: Measure of how well an operations
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Using Computer-Assisted Audit Techniques to Support Audit I. Executive Summary Nowadays‚ the use of computers dominates in most of the business world; auditors too have recognized that the power and speed of computers can greatly assist them in their work. The term “computer-assisted audit techniques” (CAAT) is used to denote computer techniques that auditors can utilize to help them complete their audits in a more effective‚ efficient‚ and timely manner. Use of the prefix “computer-assisted”
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In accounting and auditing‚internal control is defined as a process effected by an organization’s structure‚ work and authority flows‚ people and management information systems‚ designed to help the organization accomplish specific goals or objectives.[1] It is a means by which an organization’s resources are directed‚ monitored‚ and measured. It plays an important role in preventing and detecting fraud and protecting the organization’s resources‚ both physical (e.g.‚ machinery and property) and
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utline each internal control violation‚ which includes identifying each violation and identifying responsible party(-ies)‚ respectively. - Establishment of Responsibilities - Utilizing separation of duties for cash handling‚ which can be achieved by assigning different individuals to duties such as making payments‚ maintaining documentation‚ preparing deposits‚ reconciling records‚ etc. An essential characteristic of internal control is the assignment of responsibility to specific individuals.
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