the research questions. Therefore the data collected on the effectiveness of the ZDF BF internal controls could be justified. Figure 4.4 displays the subjects’ response rate. Figure 4.5: Response rate. Source: Primary Data. 4.2 The Nature and Type of Available ZDF BF Internal Control System The discussion‚ on the evaluation of ICS in the dissertation‚ was mostly based on the COSO Integrated Internal Control Framework given its broad concepts‚ applicability to most entities and consolidated history
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Internal Controls for Problem 3 Theme park operators must be aware of the fact that rides maintenance is a very important function of a theme park‚ as a malfunction in any component of the rides could very well escalate into a potentially dangerous situation. The simplest method to minimize ride breakdowns is by establishing a reasonable set of internal controls that will be able to efficiently overcome the problem. Under the component of control activity‚ Legoland can implement three features of
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limitations of the internal control system and also give the reader three examples of such limitations. Internal control procedures will be thoroughly discussed and how the procedures are actually executed. Signs and symptoms of an underdeveloped internal control system and the impact of a missing journal entry on a financial statement will be further reviewed. With everything‚ there can be bad or there can be good. In accounting‚ however‚ there has to be a consistent control system in order
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Case Study 2 – Internal Control TO: LJB Company President FROM: Accounting Firm DATE: August 12‚ 2012 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 going
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Committee of Sponsoring Organizations (COSO) Internal Control Framework’s Components of Internal Control Requirements 1. There was a lack of proper authorization in the budget process. The superintendent Spigot committed several projects that were not on the budget. For example‚ rent expenses were not budgeted in that fiscal year‚ which caused the budget to overrun and increase expenditures for custodial services. Also‚ the unbudgeted projects ran by the superintendent were not approved by the
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Case Study 2 – Internal Control 1. Inform the President of any new internal control requirements if the company decides to go public. As per the accident that happened in the company about some employees was viewing pornography on company computer and he had a hard time to get his employees admitted that they were the one who doing it. He should use limit access by individual passwords for each person to log in the computer systems. To make sure that which person was log on in the computer and
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EXECUTIVE SUMMARY Our group was assigned to carry out the duties as internal auditor to audit the operations of the Library. We have been undergoing the task based on our objectives. We have selected TAN SRI DATO ’Sanusi Junid‚ International Islamic College (IIC) Gombak library. On Monday‚ 13 August 2012‚ we went to the IIC and the library management was welcomed our presence. We have interviewed Mr. Muhammad Arif Bin Osman‚ which is the Executive Assistants. He was very helpful in terms of delivering
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Analysis of LJB Internal Control Procedures and Recommendations Table of Contents Introduction 3 Internal Controls Before Going Public 3 Correct Internal Control Procedures 4 Internal Control Discrepancies 4 Indelible Ink Recommendation 6 Summary 6 Works Cited 8 Analysis of LJB Internal Controls and Recommendations Introduction Assigned to review the internal control procedures for LJB‚ I will
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Internal Control Weakness and Corrective Actions Fan Company A has eight weaknesses with the current internal control system. I will name each weakness and the corrective action for each weakness identified that will improve the internal control system to help protect the company’s cast and inventory assets and to prevent unethical actions of employees. The first internal control weakness that I found is the accountant decided not to check the references on the two part time employees. The
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Table of Contents STAGE B: ASSESSING THE PRELIMINARY LEVEL OF CONTROL RISK 2 ASSESSING CONTROL RISK 2 Assessing control risk below the maximum level 5 Assessing Inherent Risk …………………………………………………………………………………………..…………………5 Relationship Between the Assessments of Inherent and Control Risks…………………………..……..……6 Identifying Specific Controls Relevant to Specific Assertions………………………………………………..……..6 Types of Control Activities that Relate to Financial Statement Assertion……………………………..……..7 STAGE C: OBTAINBING
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