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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To the Jumpstart Selection Committee‚ I came to the United States over three years ago from Vietnam. I have been taking ESL classes at Highline College more than two years and I am currently learning in level 4/5 class. I am living in Kent with my wife and my son. I have worked in Vietnam for 27 years for an import and export company and I am currently working for a Korean Mobil company as an accounting assistant. My long-term goal at Highline College is achieving the Accounting Class with an AAS
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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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States‚ Canada‚ Mexico operating with more than 234‚000 employees ("Lowe ’s home improvement‚ 2012”). Stakeholders are individuals‚ groups‚ or organizations that have a stake in the business. Stakeholders are categorize into two types: internal or external. Internal stakeholders can be owners‚ managers‚ and employees. External stakeholders can be suppliers‚ lenders‚ and customers (Worthington‚ 2009). Human Resource (Safety) There are many safety rules in Lowe’s Home Improvement. “We strive to
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A. Identify internal control principles 1.The first internal control principal is an applied establishment of responsibility. Only one designated person is authorized to handle the tickets. One roll is designated per shift and the manager locks the roll in the cash register. Also designating only one person like a cashier to handle cash and different individuals should be assigned the duties of receiving cash‚ recording cash‚ and custody of cash. 2.The next principal is the segregation of duties
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for an Internal Control System ACC/544 December 2‚ 2013 Justification for an Internal Control System The internal control system has been used since the company was in need of the system and until this day it has been working to its fullest potential. Internal control plays an important key in making sure that the accounting information‚ financial data‚ meeting the targets‚ and ensuring that the management policies are getting followed. There are two elements in making an internal control
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for 2006 amounted to £40 billion. Considering the size of this figure‚ it can be said that fighting card fraud is not wholly related to financial loss but rather to a significant risk to the banks’ reputations. The negative press associated with the use of fraudulent card transactions to support terrorism‚ drugs‚ prostitution and human trafficking can only result in a negative customer perception. Therefore‚ from a risk-management perspective‚ it is important to actively and effectively prevent and
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that it was appropriate for Ernst & Young to decide not to rely on AA Capital’s internal control during 2004. The E&Y took the required (Sarbanes-Oxley) precaution of conducting and audit of the internal control system over financial reporting which led to the discovery of the $1.92 million of cash transfer made to Orecchio; even though it did not stop the fraud. Auditors can choose not to rely on a client internal control after obtaining and understanding the client’s system and the auditors determine
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An additional assessment method that was used was the Adult Behavior Checklist (ABCL). Tenneij and Koot (2007) state that this testing instrument has demonstrated reliability in test-retest correlations and internal stability of scales. This assessment method is given to those who work closely with‚ or are very familiar with‚ the client. The questionnaire consists of 118 items that are related to behavioral problems. The answers to these questions are to be answered in the form of not true‚ somewhat
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INFORMATION SYSTEM REQUIREMENT CHECKLIST I. FUNCTIONALITY 1. Presence of required and/or expected functions and capabilities a. Reports/queries that should be generated/included. b. Reference file maintenance modules that should be included. c. Transaction processing that should be included. 2. System can proceed to the next task or process. 3. Absence of logical error or incorrect output. a. Correct computations/output. b. Function/button performs
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