Evaluating two successful stores and two unsuccessful stores The retail industry is extremely competitive particularly during the current economic conditions when customers have limited spending power (Bloomberg‚ 2009). Therefore‚ it is crucial that the business owner assess all of the factors which determine the profitability of a store. Since the financial figures are unavailable for all of the different outlets‚ the success of the store will be assessed using the same physical factors which
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Standards of a Retail Store Working in a retail store takes a lot of organization and great customer-employee relation. For that reason‚ we have rules and policies. To have a good customer service a retail store needs a floor plan. At American Eagle we have three different areas‚ the sales floor‚ the fitting room area‚ and the register area. The first area is the sales floor. The sales floor is the most important area. Because it is the time we create the relation between the customer and de employee
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Identify Controls 18 points (2 points each) What control or controls would you recommend in a computer processing system to prevent the following situations? A. Working through the main control console‚ the night shift computer operator made a change in a payroll program to alter his rate of pay in his favor. -operator should not have access to program documentation (source code) -use password -console log should be reviewed for unauthorized activity B. A customer payment recorded
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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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Internal Control Definition Internal control is broadly defined as a process‚ effected by an entity’s board of trustees‚ 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 regulations 4. Safeguarding of assets Internal control consists of five interrelated components:
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UNDERSTANDING INTERNAL CONTROLS A Reference Guide for Managing University Business Practices Understanding Internal Controls Table of Contents INTRODUCTION .................................................................................................................................................................1 OBJECTIVES ......................................................................................................................................................................1
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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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Running head: INTERNAL CONTROL Tarsha Jackson Internal Control Walden University ACCT # 6650 Forensic Advance Audit Topics February 10‚ 2013 Internal Control The detection of fraud is depending on what type of fraud and the internal controls that are in place. Rancher‚ Riley and Wells (2011) reported “Statement on Auditing Standards (SAS) No.99 “Consideration of Fraud in
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INTERART FINAL BILL - 500 sqft Annexure A- Civil & Electrical SR.NO. 1 1.1 ITEM CIVIL WORK Doors P / F Glass Door - 1000x2100‚ 12mm thk. Toughened glass (Trutuf / Gurind) door with patch fittings ‚ door spring ( DORMA) comprising of locking arrangement and SS handles 900mm long‚ 25 mm dia. Of Dorset make‚ including mirror edge polishing etc com P / F Flush Door - 750x2100‚ 35mm thk. flush door‚ of make Kitply/Greenply or equivalent‚ with Merino Vertiline 21065 & 21069 laminates on both sides as
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Chapter 7 – Internal control Internal control – steps taken by business to prevent fraud – misappropriation of assets and fraudulent financial reporting‚ COSO defines IC as means to an end Achievements of objectives in the area of financial reporting‚ operations‚ compliance with law and regulations Foreign corrupt practices act: Transactions authorized with the knowledge of and authorization of management Means of achieving internal control – preventive control – prevents fraud ex: segregation
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