LBJ Company: Internal Control Evaluation Accounting 504: Managerial Use & Analysis Case Study 2 Written by: 8/10/13 This evaluation is being presented as an assessment of the preparedness of the LJB Company to go public at a future date. By researching current regulations regarding publicly traded firms we hope to prepare for a smooth transition into the trading market. The Sarbanes-Oxley Act of 2002 (SOX) has established the following guidelines
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Accounting 504 Case Study 2 Keller Graduate School of Management Prepared by: Samara Ellison Prepared for: Professor Hicks 3 April 2013 To: LJB Company President From: Samara Ellison‚ Accounting Firm Subject: Evaluation of LJB Company’s Internal Control Structures Date: 3 April 2013 Hello LJB Company President: First‚ I would like to thank you for hiring my accounting firm to evaluate LJB’s internal controls system. This report will inform you of any new internal control requirements
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To: President of LJB Company‚ 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. Before the company decides to go public it is important to know
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strument-valuation-securitization/financial-accounting-reporting/ipo-spotlight/index.htm Kimmel. Financial Accounting. 6. VitalSource Bookshelf. John Wiley & Sons‚ ‚ Tuesday‚ November 27‚ 2012. http://devry.vitalsource.com/books/9781118233634/id/B7-2 [pic]
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Four key elements must be included in this report (Smith‚ Ledyard;): 1. Statement of responsibility by the company management (CEO and CFO) for establishing and maintaining an adequate internal control structure and procedure for financial reporting. 2. Statement identifying the framework used by management to evaluate the effectiveness of the company’s internal control over financial reporting. 3. Management’s assessment of the effectiveness of internal controls over financial reporting. 4. Attestation
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Andre Young ACCT 504 Case Study 2 1. Establishment of responsibilities. Only one person handles all the finances and the petty cash is open for just about any one to manage and handle cash. Need to be retuned to no one can handle petty cash but a public accountant. 2. Segregation of duties. Their has to be some one overseeing every one in the company. Their has to be some one over seeing the accountants‚ the checks being written and some one controlling the petty cash. People are usually
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Internal control ACCT504 Financial accounting and Managerial use‚ analysis Keller Graduate school of Management Professor : Linval Frazer Week 5: Case study 2 Friday ‚ April 4‚ 2014 Preparing LJB’s Internal Control Reporting for Public Trading 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
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ACCT504 - Accounting and Finance: Managerial Use and Analysis | Case Study 2 | Evaluation of LJB Company’s Internal Controls | | [Type the author name] | Due: Feburary 10‚ 2013 | Table of Contents Paragraph Introduction1 Accounting regulations2 Establishing a Control Environment3 Segregation of duties4 Segregation of record keeping form physical custody 5 Policies for petty cash6 Pre-numbered invoices 7 Distribution of paychecks8 Hiring
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Case Study 2-Internal Controls 2014 ACCT 504 Table of Contents I) Introduction II) Internal Control Requirements-Sarbanes/Oxley Act III) Internal Controls-Strengths IV) Internal Controls-Opportunities for Improvement Introduction It has come to the attention of the president of LJB Company that an evaluation is needed to determine the reliability and level of compliance of the company’s
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7. 2.2 General Issue Process: (G.3.3‚ pg. 7-12‚ Par. 7.2‚ yellow highlight) a. Ops issuing crew: 1. Ensures correctness of document. 2. Offloading crew‚ if required‚ will be responsible for scanning assets from OIS location to OIS location. i. Ops ME is responsible for re-verifying accuracy of scan data information and if required‚ necessary corrections are made with the Ops crew. Corrections to NALC‚ quantities‚ NllN‚ lot and serial numbers are NOT authorized. Ops ME/ST is responsible for clearing
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