"Internal Control" Essays and Research Papers

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Internal Control

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

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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Internal Controls

Internal Controls Internal controls are all the procedures and measures companies put in place in order to achieve two specific goals related to accounting (Kieso, Kimmel, & Weygandt, 2011). The first goal is the protection against loss of assets from various sources such as theft or accounting error (Kieso, Kimmel, & Weygandt, 2011). Companies, clients and shareholders must have assurance that there is suitable control over all business assets like inventory and bank accounts all the...

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Internal Control

Generally, every organization’s performance could be enhanced if they have a sound internal control system. Internal control sys has two subcategories: A) Control environment B) Control procedures and policies @ control activities Control environment is abt attitude of board n mgt, whether they have integrity(honesty) and value the importance of running a sound internal control system. So, if their attitude is good, they will raise awareness and foster good attitude among ppl in the org...

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Internal Controls

Internal Controls XACC/280 April 7,2013 Axia Internal Controls Internal controls are put into place to safeguard a company’s assets and to promote the accuracy of their accounting records. There are two primary goals of internal controls. The first goal of internal controls is to safeguard it’s assets from employee theft, robbery, or unauthorized use. When there is a large some of money there is temptation from employee’s to take some of it. Many employees believe they are underpaid...

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Internal Control

Case Study 2 – Internal Control TO: LJB Company President FROM: Andrea Johnson DATE: February 8, 2013 SUBJECT: Internal Control It is with great pleasure that we can provide you information and advisement on internal controls that will assist LJB Company with going public. We understand that you have communicated your concerns and expect that this report will assist you with deriving conclusions. This report will: 1. Inform you of any new internal control requirements in reference to...

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internal control

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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Understanding Internal Control

Obtaining an understanding of internal control allows auditor's to identify the types of material misstatements that could occur in the financial statements, consider the factors that affect the risk of material misstatements, and design substantive tests. An auditor obtains the understanding from researching the clients business. An auditor will take inquires from management and personnel, observe client activities and operations, walk-through the business, and inspect client documents and records...

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Internal Control Research

critically analyze the • To evaluate the importance of having Internal Control procedures within ‘The Bargain Centre’ Aims: • To investigate the number of different internal control procedures used within ‘The Bargain Centre’ • To gain knowledge of how the different internal control procedures help secure the business against theft and embezzlement etc. Data collection: In order to carry out my research on Internal Controls within ‘The Bargain Centre Supermarket’ I have observed over...

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Internal Controls for Infromation Security

 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...

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