Matthew Smith Week 2 You Decide Assignment Accounts Receivable Crisis 09/05/11 Instructor: Eric Oestman Class: HS543 I. INTRODUCTION: After conducting a meeting with the medical staff‚ various clinical departments‚ Health Information Management‚ and Business office personnel regarding Accounts Receivable issues within our facility‚ it was determined that many different areas of concern needed to be addressed. This includes problems with patient admission and registration procedures
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Case Study 2 – Internal Control A review of policies and procedures for LBJ Company has been conducted‚ and there is a distinct lack of internal control that must be addressed in order for the company to go public. Internal control is identified as: “the process designed to ensure reliable reporting‚ effective and efficient operations‚ and compliance with laws and regulations” (Edwards‚ 1994). Additionally‚ to attract prospective investors‚ LBJ Company must follow the guidelines identified by the
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Internal Controls Paper FIN/324 University of Phoenix November 2‚ 2005 Internal Controls Paper When it comes to the internal controls of firms and enterprises‚ executives are constantly keeping a close look on the accuracy and effectiveness of these controls along with seeking ways to better them. According to COSO (2004) the implementation of internal controls helps guide companies in reaching towards their profitability goals‚ the accomplishment of their mission statement‚ and helps minimize
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EXECUTIVE SUMMARY This paper will evaluates the role of information technology and how it affects internal audit process in banking industry. The study will also stresses on how IT affects internal control (control environment‚ risk assessment‚ control activities‚ information and communication and monitoring) and provides guidelines and best practices in evaluating techniques available to effectively perform auditing tasks internally. It will addresses how technology‚ Information system (IS) and
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THEME: ACCOUNTS PAYABLE By John W. Day‚ MBA ACCOUNTING TERM: Accounts Payable An account payable is normally an unsecured‚ non-interest bearing current liability‚ owed by the company to a vendor for the purchase of trade goods or services. FEATURE ARTICLE: Accounts Payable Accounting If you are a small business owner or manager and you are having trouble keeping track of all those outstanding bills that have to be paid each month‚ perhaps you need to set up an accounts payable system. Some small
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Justification for an Internal Control System ACC 544 Justification for an Internal Control System Introduction According to A. A. Gramling in the Encyclopedia of Business and Finance‚ internal control can be described as “any action taken by an organization to help enhance the likelihood that the objectives of the organization will be achieved.” There are several approaches to risk management in an organization – the portfolio approach and the use of insurance are two. Both
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Internal Control Evaluation Every business should take the steps necessary to ensure that its internal controls are functioning effectively and efficiently. It is important to have accountability at every level of a business. Creating a checklist to evaluate internal controls will support the business in this effort. According to Louwers‚ Ramsay‚ Sinason and Stawser (2007)‚ an internal control questionnaire aide an auditor in gathering evidence about the control environment and accounting and
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Question 19. Dr Accounts Receivable Cr Dr Allowance for Uncollectibles Cr Jan 1. 82‚900 c. 4‚400 c. 4‚400 Jan 1. 8‚700 a. 240‚000 d. 231‚200 b. 4‚800 Dec 31. 87‚300 Dec 31. 9‚100 Dr Bad Debt Expense . Dr Sales Cr b. 4‚800 . a. 240‚000 Dec 31. 4‚800 Dec 31. 240‚000 Dr Cash Cr d.
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Problem 1 The accounts receivable of FRANCO COMPANY were stated at P1‚467‚000 in a balance sheet submitted to a banker for credit. You are called upon to audit the report and‚ upon analysis‚ the asset was found to consist of the following items: Due from customers on open account P 1‚125‚000 Acknowledged claim for damages 22‚500 Due from consignee at billed price – cost price being P22‚500 30‚000 Investment in and advances to affiliated company 150‚000
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Published Article-Sox Institute 12/2008 The Essence of Internal Control A statement on policy and procedures issues as they relate to managements views and /or findings with regard to OMB A-123 audits. Writing position papers on justification of actions taken has raised some questions about control. There seems to be a shift in the mind set of managers now that Section 404 of Sox’s (documentation) has really kicked in with compliance performance of the financial managers responsibility
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