Jurgen Skembi Homework5 Internal Control Audit Standards a. For what purposes should an auditors’ understanding of the internal control components be used in planning an audit? An auditors’ understanding of the internal control components should be used for 3 reasons: a) To identify the potential misstatement that might occurs b) To identify the factors that affect the risk of material misstatement c) To influence the design of substantive procedures b. What is required
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Justification for an Internal Control System Ginger Lankford Internal Control Systems ACC544 Robert J. Cornett‚ MBA October 4‚ 2010 Justification for an Internal Control System Businesses need an efficient and cost-effective internal control system even with insurance and a portfolio approach control in place. Insurance is necessary and the portfolio approach is very effective but is more reactive than preventive. Internal control sets the foundation to ascertain reasonable assurance
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An Investigation of Auditor Decision Processes in the Evaluation of Internal Controls and Audit Scope Decisions 1. Introduction Over the past decade numerous studies have focused on auditors’ judgments. With few exceptions these studies have found that when auditors are given the same task‚ they frequently make different decisions.’ This result has been obtained for relatively simple tasks (e.g.‚ Joyce [1976]) and relatively complex tasks (e.g.‚ Reckers and Taylor [1979] and Mock and
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for an Internal Control System ACC/544 December 2‚ 2013 Justification for an Internal Control System The internal control system has been used since the company was in need of the system and until this day it has been working to its fullest potential. Internal control plays an important key in making sure that the accounting information‚ financial data‚ meeting the targets‚ and ensuring that the management policies are getting followed. There are two elements in making an internal control
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Internal Control and Accounting Systems Learning Area Overview Welcome to this learning area overview for Internal Control and Accounting Systems‚ prepared by AAT. In this overview we’ll explain what Internal Control and Accounting Systems is all about‚ and how it fits into the bigger picture of the AAT Accounting Qualification. We’ll explore the main topics you can expect to cover‚ and how the knowledge and skills you’ll pick up will be of practical use to you in the workplace. Finally‚ we’ll
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Internal Controls for Information Technology ACC 544 September 2‚ 2013 Miriam Shealy Internal Controls for Information Technology Internal controls for Information Technology are important as they help protect the company’s assets. Internal controls are necessary to comply with the security of the company’s information. Internal controls will be reviewed in this document as well as how can the company review its security over their internal controls. The assets of the company need to be
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ACCOUNTING SYSTEMS‚ INTERNAL CONTROLS‚ AND ETHICS Prepared for the course team by Vimlesh B. Narayan Unit 1 Contents Unit 1 Contents 2 Concept Map 3 Learning Outcomes 4 1.1 Introduction 5 1.2 Accounting System Design 6 System Objectives and Design Factors 6 Designing the System 8 1.3 Internal Control Systems 17 Objectives of Internal Control Systems 17 Structure of Internal Control Systems 18 Why You Should Consider the Components? 21 Internal Control Principles and Limitations
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STANDARDS OF INTERNAL CONTROL Issued April 2007 Table Of Contents I. II. III. IV. V. VI. VII. 1.0 2.0 3.0 4.0 5.0 Preface Objective Scope Process Responsibility Fraud Revisions Introduction General Control Requirements Quick Reference Revenue Cycle 2.1 Order Entry/Edit 2.2 Loan/Financial Aid 2.3 Billing 2.4 Accounts Receivable 2.5 Collection 2.6 Cash Receipts Procurement Cycle 3.1 Supplier Selection and Retention 3.2 Purchasing 3.3 Receiving 3.4 Accounts
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Fraud Prevention and Detection August 2009 Fraud Prevention and Detection for Credit and Debit Card Transactions Richard Collard Senior Business Lead and SME - Market Development ILOG‚ Software Sales‚ IBM Sales and Distribution Fraud Prevention and Detection Page 2 Contents Preface 2 Preface Over the past 20 years‚ financial institutions‚ governments‚ insurers and retailers have seen an explosion in the amount and types of fraud perpetrated against them. In the United Kingdom
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Pepsi Internal Control Procedures Pam Sharratt XACC/210 April 10‚ 2013 Cito Vanegas Pepsi Internal Control Procedures The Pepsi Co. has many shareholders that they have to answer too when certain things just do not seem to add up. They have different teams of management to oversee every area of operation and to make sure the company is running effectively and gaining the best profit possible. Like other companies over the last few years they have had their ups and downs in certain areas.
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