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
Premium Internal control
Internal Planning Factors Planning Factors These are the factors that relate to what is already happening inside the business. This includes how the organisation is changing to cope with new methods of working or new demands made on it‚ such as the introduction of technology or new products or services. It is also a way of considering the new skills that will be needed in the future and those that the existing staffs already have. The gap between the skills already present and those that are needed
Premium Human resources Human resource management
company‚ a few internal controls should be implemented to comply with the Sarbanes-Oxley Act (SOX). * Management will need to provide periodic quarterly reports to evaluate the effectiveness and reliability of LJB’s internal controls over financial reporting procedures. * Management should certify the accuracy and fairness of presentation of their financial statements. * Independent auditor(s) outside of LJB will need to attest to management’s assessment of said internal controls. Additionally
Premium Internal control Sarbanes–Oxley Act Cash
Checklist for Evaluating Internal Controls There are five components to internal controls. A comprehensive checklist should adequately define these components and ensure that each component has been adequately met. According to Louwers‚ Ramsay‚ Sinason‚ and Strawser (2007) the five components to internal controls include: 1. Control environment – Involves the tone of the organization and includes “the integrity‚ ethical values‚ and competence of the company’s people” (Louwers‚ Ramsay‚ Sinason
Premium Risk Evaluation Decision making
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
Premium Public company Internal control Asset
Control Mechanisms Control mechanisms are ways for businesses to have measures of control over their business environment. Controls are implemented in organizations to give guidance and keep the organization focused. McDonald’s‚ one of the most successful fast food organizations in the world uses multiple control mechanisms to ensure the individual success of their franchise restaurants. Some of the controls that McDonald’s uses include bureaucratic‚ market‚ product‚ and architectural control. The
Premium Management
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
Premium Audit Library
the deposals of capital assets with reference to Air Canada. Define cash and accounts receivables and explain the recognition and valuation of receivables. Identify and compare depreciation methods. Table of Content Introduction Task 1: Internal Control and Cash Task 2: Receivables Task 3: Noncurrent Assets Task 4: Recommendations Conclusion References Introduction Air Canada is counter as Canada’s flag carrier. It is Canada’s largest international‚ domestic and US transborder airline
Premium Avianca Airline Southwest Airlines
10-32 (Components of internal control) Internal controls can be categorized using the following framework. 1. Control environment 2. Risk assessment 3. Information and communication 4. Control activities 4.1. Authorization 4.2. Segregation of duties 4.3. Information processing controls 4.3.1. Computer general controls 4.3.2. Computer application controls 4.3.3. Controls over the financial reporting process 4.4. Physical controls 4.5. Performance reviews 4.6. Controls over management discretion
Premium Accounts receivable Auditing Balance sheet
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
Premium Management Marketing Statistics