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
Premium Corporate governance Corporation Internal control
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
Premium Audit Balance sheet Auditing
FNSACC50A Implement & Maintain Internal Control Procedures ASSIGNMENT 1. Who is ultimately responsible for the corporate governance of an organisation? The Board of Directors 2. Who else plays a part in corporate governance? Shareholders‚ auditors and other stakeholders. 3. Who are the stakeholders? A person‚ group or organisation that has interest or concern in an organisation. 4. List the corporate governance requirements a company needs to adhere to: The company has an adequate
Premium Internal control Internal audit Auditing
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
Premium Audit Sarbanes–Oxley Act 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
Premium Corporate governance Corporation Internal control
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
Premium Auditing Financial audit
Inventory Internal Controls ________________________________________ A company’s investment in inventory is usually a large one‚ and it may be comprised of a large number of merchandise items that can be readily stolen and resold. If the inventory contains mostly raw materials‚ then keeping track of it is essential for ensuring that the production processes using it will not run short of materials. This means that you need to implement an array of controls‚ either to prevent theft or to ensure
Premium Production and manufacturing Supply chain management terms Inventory
Task Investigation Essay on Internal Control Submit your completed Task to your teacher at the first lesson of Term 3 The Scenario Kay Slater‚ an experienced surfie and owner of Surfies and Boardies‚ has employed nine staff in her business to make and sell surf boards‚ and surfing equipment and assist with administration. She has employed her staff as follows: * Five of the employees work in the factory where valuable equipment is stored and used. Of these‚ one is responsible for the inventory
Premium Accounts receivable Balance sheet Employment
Internal & Managerial Control “Internal (Management) Control is the set of accounting & administrative controls and practices that help ensure that approved and appropriate decisions are made in an organization” * in other words‚ to make sure that the right thing happens and the wrong thing does not happen‚ either purposely or accidentally Why Internal Control? 1. To safeguard the assets against waste‚ loss & misuse 2. Check the accuracy and reliability of accounting data
Premium Management Auditing Audit
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
Premium Internal control Sarbanes–Oxley Act Audit