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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Internal & Managerial Control “Internal (Management) Control is the set of accounting & administrative controls and practices that help ensure that approved and appropriate decisions are made in an organization” * in other words‚ to make sure that the right thing happens and the wrong thing does not happen‚ either purposely or accidentally Why Internal Control? 1. To safeguard the assets against waste‚ loss & misuse 2. Check the accuracy and reliability of accounting data
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Acct # | Acct Title | W/P Ref | Last Years (Audited) | Current Years (Unaudited) | Dr. | Cr. | Audited | 10100 | Cash on Hand | | 1‚987.28 | 2‚275.23 | | | | 10200 | Regular Checking Account | | 198‚116.52 | 532‚125.92 | | | | 10300 | Payroll Checkiing Account | | | | | | | 10400 | Savings Account | | 3‚044‚958.13 | 3‚670‚599.15 | | | | 11000 | Accounts Receivable | | 16‚410‚902.71 | 49‚780‚259.98 | | | |
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Task Investigation Essay on Internal Control Submit your completed Task to your teacher at the first lesson of Term 3 The Scenario Kay Slater‚ an experienced surfie and owner of Surfies and Boardies‚ has employed nine staff in her business to make and sell surf boards‚ and surfing equipment and assist with administration. She has employed her staff as follows: * Five of the employees work in the factory where valuable equipment is stored and used. Of these‚ one is responsible for the inventory
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Relevant Information-Apollo Shoe GA-3 Information Relevant to 2011 Audit Audit Action Recommended Pressure to meet sales targets GA 3-1 Increase procedures related to existence of sales and valuation of receivables‚ as well as cutoff Purchase of equipment GA 3-1 Verify through invoices and receiving reports if equipment purchased during the year Verify terms of refinancing for accuracy as well as interest payments. Line of credit refinanced GA 3-1 Did they pay note on Jan. 1‚ 2012 or refinance
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Internal Control Risks Identified in Apollo Shoes Assessing control risk is the process of evaluating the design and operating effectiveness of a company’s internal controls as to how it prevents or detects material misstatements in the financial statement assertions of management (Hayes‚ Dassen‚ Schilder‚ & Wallage‚ 2005). The conclusion reached as a result of assessing control risk is referred to as the assessed level of control risk. When assessing controls the auditor looks for weaknesses
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4. Organisation background Inkwell Limited is a manufacturer of re-cycle inkjet and laser toner printer cartridges. Inkwell Limited printer cartridge is widely applicable. The main commercial focus is on strong retail market that demand cheaper and greener products Inkwell Ltd has a couple of small main suppliers that produce 4.1 Inkwell Limited is a limited company‚ established in 2003. The head office and
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Southeast Shoe Distributor‚ Inc.: Identification of Tests of Controls for the Revenue Cycle (Sales and Cash Receipts) LEARNING OBJECTIVES After completing and discussing this assignment you should be able to • Recognize common documents and records used to record transactions in the revenue cycle • Recognize common control activities used to process transactions in the revenue cycle • Identify client control activities that reduce the likelihood of material misstatements
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Lecture note on monitoring business and accounting systems. ------------------------------------------------- internal control systems and internal controls An internal control system is the whole system of controls‚ financial and otherwise‚ established by the management in order to * Carry on the business of the enterprise in an orderly and efficient manner‚ * Ensure adherence to management policies‚ * Safeguard the assets and secure as far as possible the completeness and accuracy
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Checklist for Evaluating Internal Controls ACC/544 April 29‚ 2013 Christine Errico Checklist for Evaluating Internal Controls Internal controls are methods a company implements to safeguard and protect the company in its day-to-day operations as well as its financial information. To ensure these controls are effective and performing properly a company must evaluate these controls. In performing this evaluation a company should use the three phases of the control evaluation. These phases
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