Internal Control Essay Examples

  Management has established a code of conduct that includes rules regarding conflicts of interest for purchasing agents. Category: Assertion: Pervasive Waterfront has established a disclosure committee to review the selection of new accounting policies. Category: 4. 6, Assertion: DAO Accuracy and Valuation, DAO Classification and Understandability. c. Any computer program revision must be approved […]

The Prefab Sprout Company is a construction company which develops and constructs modular home enclosures in South Florida. Though being listed on the New York Stock Exchange (NYSE), it is still a family-run business with about 40% of the shares resting with the Warner family. This working paper provides a thorough analysis of Prefab’s internal […]

When a client fails to properly separate duties, the risk of theft of cash prior to recording increases. If an auditor suspects this may have occurred, there are certain audit procedures that can be employed in testing for it. These include investigating those responsible for customer orders, credit approval, invoice generation and accounts receivable records […]

Corporate culture and ethics are very important sources to sustain positive working environment in an organization. Based on the pattern that caused the fraud, the management style of HealthSouth is clearly practiced very authoritative which the reason for Richard’s orders fulfilled dutifully in order to partake in the fraudulent schemes. It clearly stated that the […]

Ted is a director in the Business Advisory and Assurance Services division of a national public accounting house. He has been given the occupation of pull offing the audit of Easy Clean. Co.  which provides industrial and domestic rug steam-cleaning services. Easy Clean has ne’er been audited. Therefore. Ted does non hold any prior-year working […]

Have you ever told a lie? In most causes after telling one small lie another lie follows. After time passes and the lies began to seem like the truth, you dig yourself into a pool of lies which eventually contradicts your first lie. The same truth happens to Nick Lesson and his 8-8-8-8-8 account. It […]

The study emphasizes the similarities between Enterprise Risk Management (ERM) and the balanced scorecard, a widely used strategic control system. Both of these systems are focused on achieving strategic objectives, indicating that risk management and performance management/strategic control systems have evolved in their definitions and perceptions. This article presents a case study of Tesco plc, […]

The Saks Fifth Avenue case study concentrates on the human aspects of internal controls. Of note are Saks’ zero-tolerance policy of employee theft, anti-harassment policy and complaint procedure. Also, the case study highlights control activities in a major retail store. Finally, it questions what an auditor’s role is concerning employee’s work environment. Question #1 In […]

Summary of the Sarbanes-Oxley Act The Sarbanes-Oxley Act (SOX) was enacted on July 30, 2002 to protect shareholders and the public from fraudulent business practices and accounting errors. It focuses on maintaining independence in auditing by requiring CEOs and CFOs to certify financial reports. The act enhances transparency in financial reporting and encourages accountability by […]

Ratio analysis is a method that uses financial or operating data from a company or industry to create a basis for comparison. Each ratio in the analysis examines a specific correlation that can impact another ratio. An auditor uses financial or accounting ratios to evaluate the overall financial condition of a company. Current and potential […]

LJB Company’s Internal Control Recommendation Report February 2012 Prepared for: LJB Company President Finance Department Prepared by: Cauretta Bell Recommendation Report 2012 It is my immense pleasure to report and evaluate the findings of the internal control procedures to the President of LJB Company regarding recommended changes for the organization to utilize internal control requirements. […]

In this paper the Sarbanes Oxley Act with particular reference to the section 404 is discussed in detail. We shall start the paper with providing background information to the Sarbanes Oxley Act, 2002. This section explores the environment that spurred the creation of the act and the need for such legislation. The second section provides […]

Analysis University of Phoenix Internal controls mandated by the Sarbanes The internal controls required by the Sarbanes-Oxley Act have posed a significant challenge for publicly held companies. These controls assign the responsibility for internal audits, as well as evaluating the effectiveness and efficiency of internal auditing controls, to senior management, their audit committees, and external […]

Internal control encompasses a range of activities, arrangements, policies, and efforts carried out by the workforce within an institution. Its purpose is to ensure that the organization effectively achieves its goals and fulfills its mission. A key objective is to align all employees with the organization’s vision and mission statements. The ultimate goal of internal […]

The term is commonly used as a synonym for computers and computer networks, but it also encompasses other information distribution technologies such as television and telephones. Several industries are associated with information technology, such as computer hardware, software, electronics,semiconductors, internet, telecoms equipment, e-commerce and computer services. In a business context, the Information Technology Association of […]