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
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What is internal control and why is it important The American Institute of Accountants first defined the term internal control in 1949‚ followed by further clarifications in 1958 and 1972. In 1977 publicly held companies came under legislation to adequately implement controls to protect their financial information. A report by the Committee of Sponsoring Organizations in 1992 and the Sarbanes-Oxley Act of 2002 are more recent documents defining internal controls.( Bishop‚ 1991‚p.117-123; Colbert
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An Argument for Objective List Theory Richard Cunningham University of South Carolina Thesis: “The good life.” Many strive to obtain it‚ but what is “the good life” exactly? A pervasive topic indeed‚ one that involves a variety of discussion‚ most of which revolves around one question: What is good? Fortunately‚ a variety of philosophical theories exist which attempt to answer‚ or at the very least explain‚ this very question. In particular‚ three theories (Hedonism‚ Desire Satisfaction
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Inventory Internal Controls ________________________________________ A company’s investment in inventory is usually a large one‚ and it may be comprised of a large number of merchandise items that can be readily stolen and resold. If the inventory contains mostly raw materials‚ then keeping track of it is essential for ensuring that the production processes using it will not run short of materials. This means that you need to implement an array of controls‚ either to prevent theft or to ensure
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Internal Controls Internal controls are all the procedures and measures companies put in place in order to achieve two specific goals related to accounting (Kieso‚ Kimmel‚ & Weygandt‚ 2011). The first goal is the protection against loss of assets from various sources such as theft or accounting error (Kieso‚ Kimmel‚ & Weygandt‚ 2011). Companies‚ clients and shareholders must have assurance that there is suitable control over all business assets like inventory and bank accounts all the
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A.P. English Language and Composition Because many important people have died for what they believe to make the world a better place the claim that “It is better to die for what you believe in rather than to lie to save your life” is the right thing to do. Martyr: a person who is put to death or endures great suffering on behalf of any belief‚ principle‚ or cause. The person that comes to mind for a lot of people when you read the definition of martyr is probably Jesus Christ. Jesus spread the
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Case Study 2 – Internal Control TO: LJB Company President FROM: Andrea Johnson DATE: February 8‚ 2013 SUBJECT: Internal Control It is with great pleasure that we can provide you information and advisement on internal controls that will assist LJB Company with going public. We understand that you have communicated your concerns and expect that this report will assist you with deriving conclusions. This report will: 1. Inform you of any new internal control requirements in reference to
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Sales management entails numerous objectives which are executed by sales managers. There are mainly three such objectives 1. Sales Volume 2. Contribution to profits 3. Continuous Growth The sales executives in this case are the ones who help implement these objectives. However it is the top management who has to outline the strategies to achieve these objectives of sales management. The top management should provide products which are socially responsible and are marketed in a manner
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Chapter 7 – Internal control Internal control – steps taken by business to prevent fraud – misappropriation of assets and fraudulent financial reporting‚ COSO defines IC as means to an end Achievements of objectives in the area of financial reporting‚ operations‚ compliance with law and regulations Foreign corrupt practices act: Transactions authorized with the knowledge of and authorization of management Means of achieving internal control – preventive control – prevents fraud ex: segregation
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"You have been my friends. That in itself is a tremendous thing." - E.B. White - "I always knew that when I looked back on the times I cried I would smile. But I never knew that when I looked back on the times I smiled I would cry." "My friends have made the story of my life. In a thousand ways they have turned my limitations into beautiful privileges and enabled me to walk serene and happy in the shadow cast by my desperation." - Helen Keller - "One day at a time‚ this is enough. Don’t
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