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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My Strength and Weakness Everyone is different in many ways. There are differences in gender‚ nationality‚ religious activities and there are differences in strengths and weaknesses. Those strengths and weaknesses are looked at in Corporate America and they assist the higher management in making decisions for the roles we play on each team. I will be discussing my strengths ’ and weaknesses. Over the years‚ I have learned how to react and respond in different ways and it all depends on what is
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There are a number strengths and weaknesses of the IAT and some strengths that stand out is clinical situations and job positions. I chose clinical situations because I believe it would allow for much quicker doctors visit if one was sick all they would need to do when checking in is to complete the assessment on what hurts the most‚ where is it located at‚ when does it start hurting‚ and how long is the reoccurring pain. This will allow for doctors to know exactly what is going on before even seeing
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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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the insurance firm American Family Life Assurance Company (AFLAC) seeks to stay competitive in finding‚ retaining‚ and delivering quality service to 4‚500 employees‚ and cost containment is a major concern in a competitive environment. To help control employee costs‚ AFLAC used monetary and nonmonetary rewards as direct and indirect compensation to balance benefits and costs. As such‚ AFLAC’s total compensation plan consisted of base compensation‚ pay incentives‚ and indirect benefits (Gomez-Mejia
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I am an ISTJ‚ and I have some strengths and weaknesses. Here are some of my strengths. I’m very honest and direct. And I’m strong willed and dutiful. Working hard and staying focused is my goal. Very patient and responsible. Promise means everything and I’m very calm and practical. I keep my feet on the ground and won’t lose my temper. And I make clear rational decisions. People’s preferences are a factor to consider. I believe that if everyone is involved and knows what is going on you will get
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Question 1 a) Select two companies where inadequate internal control have resulted in disastrous effects on the organisation or exposed it to heavy losses. Research the facts of the failure and report on the facts and the losses suffered. In your report‚ include suggestions for changes to operations (internal controls) that could have prevented the final outcome. Where could you find a list of these internal controls and how are they documented? Examples of companies include: Coles Myer
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a. SWOT analysis Strengths Weaknesses - Two members of Alerxia staff suffer from food allergies and know firsthand the inconvenient of eating outside their home and the risk of food poisoning. - Alerxia offer services not only for people with celiac disease‚ but for people who have all kind of food allergies‚ intolerances and sensitivities. Competitors focus only on celiac disease‚ while Alerxia covers the 14 main allergens - Alerxia offers a select group of restaurants for people with food allergies
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mighty. However Superman has a weakness‚ his Archilles heel is Kryptonite. Kryptonite is a radioactive element that comes from his home planet called Krypton. It is the only substance that can defeat Superman. Just like Superman has weaknesses his bacteria have weaknesses that are susceptible to the powers of antibiotics. An antibiotic is a drug prescribed to battle against infections and bacterias that are usually caused by microorganisms. Most microorganisms are becoming resistant to antibiotics since
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I gave this paper a lot of thought before I began to write. "What qualities and traits do I posses that make me desirable as an employee‚ a teammate‚ and as a person?" First‚ you must be able to identify your own personal strengths and weaknesses in order to become a lifelong learner and an essential part of a "team". As technology is constantly growing you have to be willing to accept what makes you an asset or a liability in any given situation you may encounter in your life. The qualities
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