Preview

ACC 290 Week 5 Discussion Questions and Responses

Satisfactory Essays
Open Document
Open Document
570 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
ACC 290 Week 5 Discussion Questions and Responses
ACC 290 Week 5 Discussion Questions and Responses www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-290-week-5-discussion-questions-and-responses/

Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
All discussion questions and responses to other students are included for each week. Week 5:
DQ 1: What are two examples of strong and weak internal controls in organizations where you have worked or have firsthand knowledge? How are these different?
DQ 2: Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business?

ACC 290 Week 5 Discussion Questions and Responses www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-290-week-5-discussion-questions-and-responses/

Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
All discussion questions and responses to other students are included for each week. Week 5:
DQ 1: What are two examples of strong and weak internal controls in organizations where you have worked or have firsthand knowledge? How are these different?
DQ 2: Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business?

ACC 290 Week 5 Discussion Questions and Responses www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-290-week-5-discussion-questions-and-responses/

Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
All discussion questions and responses to other students are included

You May Also Find These Documents Helpful

  • Powerful Essays

    Background LJB Company , a small business local distributor who understands to go public in the future, the company should be in accordance with the law and may need to take more stringent internal control principles . At the request of the president , an independent internal evaluation of internal controls was conducted to evaluate the direction of strength and weakness.…

    • 1086 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Complete Problems 8-1A, 8-3A, and 8-4A (including the Analysis Component) on pp. 338-339. When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the consequences of the actions described in the cases. Make a recommendation for what the business should do to ensure adherence to principles of internal control.…

    • 149 Words
    • 1 Page
    Satisfactory Essays
  • Best Essays

    Acct 504 Case Study 2

    • 1108 Words
    • 5 Pages

    Internal controls are vital to any company’s business and financial sustainability. Internal controls consist of measures taken by a company safeguarding against fraud, and theft. Internal controls ensure accuracy and reliability in accounting data, and secure policies within the organization. Further, internal controls evaluate all levels of performance. These are addressed with five principles of internal control: Establishment of responsibility, Segregation of duties, Documentation procedures, Physical controls, Independent internal verification, and Human resource controls.…

    • 1108 Words
    • 5 Pages
    Best Essays
  • Good Essays

    Assignment 8.1 Handout 1. Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements R1. Which objective is most important? R2. Which must the internal controls accomplish for the business to survive? Give your reason. 2. The Sarbanes-Oxley Act affects public companies. Requirement R1. How does the Sarbanes-Oxley Act relate to internal controls? Be specific. 3. Separation of duties is a key internal control. Requirement R1. Explain in your own words why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an…

    • 854 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Companies will often use internal controls in the accounting department in order to avoid abuse and inaccurate data recording as well as protecting companies from fraud. Internal controls will also be used by companies as a means to avoid theft of assets, and unauthorized use. The acquisition and disposal of assets is also a very important part of internal controls. These policies and procedures will help companies in the prevention or detection of any unauthorized acquisition, use or the disposition of its assets, as these types of activities could have a negative impact on the company’s financial statements. But in order for the internal controls to work, management has to ensure the proper protocols are being followed.…

    • 1015 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Acct 504 Case Study 2

    • 1426 Words
    • 5 Pages

    Thank you for selecting our firm to provide your company with an evaluation of your organizations internal control system. Internal control systems are vital in securing your organizations assets, it will limit the risk of fraud as well as misuse of your assets. Comprehending how to separate duties among your employees will aid in improving transparency as well as keep your company financially strong.…

    • 1426 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    ACCT 212 Final Exam

    • 725 Words
    • 3 Pages

    3. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented.…

    • 725 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Fraud Schemes Exercise

    • 258 Words
    • 1 Page

    What specific improvements would you suggest in internal control to reduce or eliminate any possible problem?…

    • 258 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    Internal Control - Integrated Framework Executive Summary Senior executives have long sought ways to better control the enterprises they run. Internal controls are put in place to keep the company on course toward profitability goals and achievement of its mission, and to minimize surprises along the way. They enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and compliance with laws and regulations. Because internal control serves many important purposes, there are increasing calls for better internal control systems and report cards on them. Internal control is looked upon more and more as a solution to a variety of potential problems. Internal Control Internal control means different things to different people. This causes confusion among businesspeople, legislators, regulators and others. Resulting miscommunication and different expectations cause problems within an enterprise. Problems are compounded when the term, if not clearly defined, is written into law, regulation or rule. This report deals with the needs and expectations of management and others. It defines and describes internal control to: 1. Establish a common definition serving the needs of different parties. 2. Provide a standard against which business and other entities--large or small, in the public or private sector, for profit or not--can assess their control systems and determine how to improve them. Internal control is broadly defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: 1. Effectiveness and efficiency of operations. 2. Reliability of financial reporting. 3. Compliance with applicable laws and…

    • 2817 Words
    • 12 Pages
    Powerful Essays
  • Powerful Essays

    Since these assets are a businesses’ or corporations’ most valuable resources, they must be protected from theft and unauthorized use by creating, and implementing, a company “internal controls system.” Internal controls are procedures and protocols by which a company conducts internal monitoring. Through self-monitoring, a company increases the chance of success. Also, these controls systems ensure the liable parties invested in companies that their business are running efficient. Internal controls form an integral part of any business. In laymen’s terms, it is a system of internal controls which minimize errors in the accounting records, and deter fraud and embezzlement. Because these internal controls protect against many illegal happenings in businesses, they are rightfully required by law.…

    • 1219 Words
    • 5 Pages
    Powerful Essays
  • Better Essays

    Internal control consists of all the related methods and measures adopted within an organization to safeguard its assets. (Kimmel, Weygandt, Kieso, 2011) Internal control has Five Primary Components:…

    • 1993 Words
    • 8 Pages
    Better Essays
  • Best Essays

    Internal control is defined as a process affected by an organization 's structure, work and authority flows, people and management information systems, designed to help the organization accomplish specific goals or objectives. 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 intangible (e.g., reputation or intellectual property such as trademarks)…

    • 4040 Words
    • 17 Pages
    Best Essays
  • Good Essays

    Having strong internal control thrusts a company beyond its present-day limits, thus facilitating the implementation of the best practices and providing necessary resources that aid in making them unique. Srinivasan (2014) stated, “Markets have been able to use the information to assess companies more effectively, managers have improved internal processes, and the internal control testing has become more cost-effective over time” (para. 9).…

    • 406 Words
    • 2 Pages
    Good Essays
  • Good Essays

    In today’s society, internal controls are applied to support an organization 's managers to become more successfully to release the responsibilities by applying and understanding internal control concepts. Internal controls are most frequently saw as "a lot of red tape"; however, internal controls have different circumstances when confirming high moral and ethical values which should be communicated in an organization. Internal controls are essentially composed of five interrelated components which are communication and information, monitoring, control environment,…

    • 912 Words
    • 4 Pages
    Good Essays
  • Good Essays

    1. Identify any internal control weaknesses for the five areas mentioned by the Finance Committee. Discuss any weakness and explain how to improve each situation.…

    • 517 Words
    • 3 Pages
    Good Essays