...Memorandum To: CC: From: Stephanie Copenhaver Date: 7/6/2015 Re: Accountability in Reporting Memo To whom it may concern: This memorandum is going to explain how increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and government entities. First, it must be understood on where the money is coming in from to these types of entities. The not-for –profit sector receives money from the government, pledges, contributions and donations. The government receives money from taxpaying citizens and may be financed through bills or laws passed through Congress and the Senate. In order to maintain integrity with these entities, the people that the money comes from need to know where their hard -earned money is going. There have been at least two boards set up: the Governmental Accounting Standards board and the Financial Accounting Stand Board. These boards have installed several statements of standards that tell what type of items needs to be reported. They also set the standard on how to report these financial statements. These recommendations have come down from audiences such as the one reading this memorandum, the nonfinancial audience. The boards mentioned above are reviewing audit reports that receive federal grants and donations. This is to make sure independent audit firms are in compliance with all regulations. Another thing that has come down from the nonfinancial audience...
Words: 617 - Pages: 3
... SOX Compliance Solution ***************** CMGT 16FEB2015 ******** SOX Compliance Solution The following Memo is to address the issue of organizing training for all company management personal, in the training of MetricStream© a software solution to The Sarbanes-Oxley Act (SOX). The Memo will address the main issue and how the training will be provided. The memo will also address how the company will be able to measure how successful the training was, and any problems that will be needed to be address had the company decided to conduct any future training sessions. MEMORANDUM TO: All Managers FROM: Head Office DATE: February 16, 2015 SUBJECT: SOX Compliance Solution Compliance to the Sarbanes-Oxley Act is mandatory and requires the financial reports are accurate and reviewed by internal auditors to ensure accountability ("The Sarbanes-Oxley Act ", 2006). To ensure adherence to the SOX requirements and in order to streamline the process while reducing cost at the same time; the company has decided to implement MetricStream© as a software solution for managing the requirements of the act. MetricStream© not only provides tools for the management of internal auditing and reporting process, but also provides a way to show evidence of report findings. This tool also provides collaborative assistance tools to streamline the underlining process required by section 302 of SOX (MetricStream, Inc, 2015). The training required as part of the implementation...
Words: 526 - Pages: 3
...| Boulder Public School Case | | | Introduction The purpose of this memo is to assess the organization structure and management control process of Boulder public schools. This memo will try to find the balance between centralization and decentralization in Boulder public schools’ management control system. Particularly, The issue of enrollment estimation and budget spending. Organization Structure and Management Control Process The Boulder public schools have a functional structure, in which teachers and managers, who with education specialty, are grouped according to educate students. There are four phases of management control process: Programming, budgeting, measuring and Reporting and evaluating. In Programming phase, Boulder public schools are follow a tripartite objective: quality education, equal access, and accountability. At time same time, they want to reduce operational inefficiencies. Based on these strategies, the superintendent provided detailed plan in a document of about 100 pages long, and the other two supplement files. In budgeting phase, principals and headmasters need strictly follow instructions from superintendent’s documents. The budget packets including almost every perspective of school operation: School profile, requesting formulation of goals and program directions etc. The budgeting phase don’t provide much flexibility to principals and headmasters. The budget is simply a maintenance budget, combine old expending with a few new initiatives...
Words: 582 - Pages: 3
...The Violet Bay School INTRODUCTION According to the Government Accounting Standards Board (GASB), the objective of financial reporting is to assist a government entity in fulfilling its obligation to be publicly accountable and to enable users to assess accountability (GASB 2007; Government Accountability Office [GAO] 2007). Budgeting, a process whereby government administrators forecast expected revenues and identify planned expenditures, is an integral part of accountability, and the extent to which a governmental entity adheres to its budget is a major consideration when assessing accountability. In August 2005, Violet Bay1 taxpayers were informed that their school system had run a $7 million deficit after several previous assurances that the system was fiscally sound and would finish the year with a surplus. By November 2005, an external audit determined that the actual deficit was $12.1 million. Three months later, a special grand jury report was released describing the causes of the financial crisis and addressing the means to correct the situation. What went wrong? Place yourself in the role of an auditor or a consultant and identify the problems. As you do so, you will better appreciate the importance of internal control and will gain experience in identifying and assessing client risks. While this case involves a governmental entity—a school district—no prior coursework in governmental accounting is required to complete case requirements. PART I – THE BUDGET PROCESS The...
Words: 5312 - Pages: 22
...Accountability in Reporting Memo To: Nonfinancial Audience From: Gabriella Goodfield, Accountant Date: June 25, 2012 Subject: Impact of public scrutiny on not-fot-profit reporting requirements The nonfinancial audience main concerns were and are why is the so much information in the financial reporting. Also, the nonfinancial is questioning why is it necessary for the extra information. Starting with the fact that all financial reports and statements has to give a full picture of what is going on within the organization. This one why it is important that there is a need for certain information. Not-for-profit organizations in part receive money from the U.S. Government. In some case receive contributions from pledges, contributions, donations. In part the not-for-profit could be the government itself. These not-for-profits organization and governments recently were being question by the public where is the money being spent. Therefore the Governmental Accounting Standards Board, Financial Accounting Standard Board has install several statement of standards that tells the not-for-profits what has to be reported and also how to report the financial statements. These standards from GASB and the FASB are the results of the nonfinancial audience concerns about not-for-profits and government entities. The concerns force the GASB and the FASB to review and update their standards. Also provide new standards as well. Reference Titard, P. W (2003)...
Words: 251 - Pages: 2
...Subject: Increasing of public scrutiny on not-for-profit reporting requirements The purpose of this memo is to explain why increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and governmental entities. State and federal regulators are reviewing, audit reports of agencies like ours that receive federal grants and loan monies. Their purpose is to “ensure that independent audit firms are in compliance with Generally Accepted Audit Standards (GAAS) and recently added requirements under Generally Accepted Government Auditing Standards (GAGAS) or yellow book standards”. The reporting requirements that the auditor's require to be able to prepare a statement of understanding of internal control structure is of particular interest. Because we are a not-for-profit company, the auditors have to report what certain members have the clearance to report cash donations and make deposits directly to the companies bank account. The auditors also need to evaluate the internal controls we have in place to prevent theft, and report the strengths and weaknesses of our system. As a result, we need to provide the auditors with access to our computer transactions for all finance members. Your cooperation is greatly appreciated in this matter and being in compliance will the auditors will help protect our interest in continuing to receive federal monies as part of our operating budget. Sincerely, References: Williams...
Words: 285 - Pages: 2
...Memo To: Jeff Smart, Chief Operating Officer of Mitchell From: Yuxi Zhang, Accountant Subject: Responsibility Accounting Method in Corporation Operation Date: September 20, 2015 This memo is in response to your questions concerning the responsibility accounting method. The memo will first explain responsibility accounting and then discuss how to correctly applying it in operation. Finally, some precautions of system installed are provided too you. After you understanding responsibility accounting method, you will be better able to decide whether you want to install for the company. What Is Responsibility Accounting? Based on Managerial Cost Accounting Implementation Guide, the definition of responsibility accounting is: “Collection, summarization, and reporting of financial information about various decision centers (responsibility centers) throughout an organization; also called activity accounting or profitability accounting. It traces costs, revenues, or profits to the individual managers primarily responsible for making decisions about the costs, revenues, or profits in question and taking appropriate actions. Responsibility accounting is appropriate where top management has delegated authority to make decisions. The idea being that each manager’s performance should be judged by how well he or she manages those items under his or her control.” The responsibility accounting system is based on the idea that proper management should take place as closely to...
Words: 898 - Pages: 4
...ACC460( Government and Non-Profit Accounting )Complete Class Click This Link to Get The Tutorial: http://www.myhomeworkspot.com/ACC455-Corporate-Taxation-Complete-Class-002.htm Week 1 Individual Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper Prepare a 350- to 700-word paper comparing and contrasting GASB and FASB accounting. Explain the objectives of the two standards boards and how they are similar and different. Describe how the modified accrual basis of accounting differs from full accrual accounting. Format your paper consistent with APA guidelines. Discussion Questions DQ 1 Log into http://www.charitynavigator.org/. Choose a good charity and a bad charity and explain why you feel they should labeled good or bad. DQ 2 What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types? DQ 3 What are some examples of government and not-for-profit organizations? How do businesses measure success? How do government organizations measure success? DQ 4 What is the purpose of CAFR? What are the components of CAFR? Why is the Federal Government not subject to GASB 34? How do government-wide financial statements add information not available in fund financial statements? Week 2 Individual Ch. 1, 2, & 3 Textbook Exercises Resources: Ch. 1, 2, & 3 of Government and Not-for-Profit Accounting Prepare written...
Words: 1543 - Pages: 7
...statements add information not available in fund financial statements? Business - Accounting ACC 460 Week 1 Individual Assignment Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper ACC 460 Week 2 Individual Assignment Ch. 1, 2, 3 Textbook Exercises ACC 460 Week 2 Learning Team Assignment CAFR Budget Analysis ACC 460 Week 3 Individual Assignment Ch. 2, 4, 5, 6 Textbook Exercises ACC 460 Week 3 Learning Team Assignment Ch. 4 6 Textbook Problems ACC 460 Week 4 Individual Assignment Ch. 9 10 Textbook Exercises ACC 460 Week 4 Learning Team Assignment Ch. 5 10 Textbook Problems ACC 460 Week 5 Individual Assignment Accountability in Reporting Memo ACC 460 Week 5 Individual Assignment Ch. 12 Textbook Exercises ACC 460 Week 5 Individual Assignment SFAS 116 and 117 Executive Summary ACC 460 Week 5 Learning Team Assignment Ch. 9 11 Textbook Problems You no longer live at home, and you will have to care for yourself. Choose healthy foods, get eight hours of sleep every night, and study as much as possible. Add study, recreation, self-care and classes to your...
Words: 351 - Pages: 2
...business with meaningful opportunities helping clients maintain quality of life. Contribution of staff and how well the operation of business is performed and the efficiency, and the effectiveness of services needed to patients reliability of assistance and their autonomy. 2. Announcing budget by identifying the employees receiving budget information determine employees such as managers to be aware of budget announcement choosing dates for groups to receive budgetary information. 3. Write overview of the budget illustrating Major changes from previous budget Incorporate a list of action points needed to perform 4. Compile a packet for employees including Action list Budget 5. Send out emails notifications and memos based on the home health organization announcing the release of budget information 6. Gather for meeting with employees dispersing information and schedule accordingly. * Not for Profit Organization (Doctors without Borders) 1. Fundraising and administrative cost with independency of growth through individuals and investments. 2. Program services 3. Financial statements 4. Annual reporting’s 5. Donation from supporters 6. MSF/ USA operates in a consistent manner with Leadership compensation Association of Fundraising Awarded by America Institute of Philanthropy MSF/USA limitation on administrative expenses such as Travel economically...
Words: 608 - Pages: 3
...Drone Strikes, Effective Weapon in the War on Terrorism? William DeJarnette United States Diplomatic History November 21, 2014 September 7, 2009, in Machi Khel in Mir Ali, North Waziristan, Pakistan. At 20,000 feet death silently, stealthily, knifed its way through the afternoon sky. Two drones, operated by American Air Force drone pilots 7,000 miles away in Nevada, USA, had been hovering over the area throughout the day. Modern warfare and the fight against terrorism were about to greet Sadaullah Wazir and his family as they reentered their home after evening prayers in the garden. Moments later an explosive concussion from missiles launched by the drones rocked the neighborhood and body parts flew in every direction. Senior al Qaeda leader Ilyas Kashmiri was killed in his car as it entered the village. However, injured in the attack at the same time were fifteen-year-old Sadaullah and several others. Three of Wazir’s family members were killed. Wazir awoke in a hospital the next day, minus both legs and an eye. Objective met, target Kashmiri eliminated. Collateral damage is just another acceptable part of the plan. The Living Under Drones project interviewed Khalid Raheem, an elder in his community in Pakistan. Raheem is bewildered by the current state of affairs in his country. He states that they knew nothing about where the US was or what type of people lived there. They did know that the US supported the Taliban in their fight against the Soviets, until the Soviets...
Words: 2790 - Pages: 12
...However, the Company understands that customer engagement can be challenging and stressful at times. To aid employees in reducing stress and absenteeism, employees are matched with an accountability partner/mentor for their first year of employment to acclimate them to the Company’s culture and policies. Employees are also required to keep a weekly journal for self-reflection, and to record comments about their experiences and work performance. At pre-determined intervals, issues will be addressed one-on-one with a supervisor and/or as a team. At the discretion of the supervisor, the employee may be referred to the Company’s Employee Assistance Program for additional coaching and...
Words: 1455 - Pages: 6
...Georgia State Conference of the National Association for the Advancement of Colored People and the Georgia People's Agenda filed a lawsuit against Georgia Secretary of State Brian Kemp and state Department of Human Resources Commissioner Clyde Reese for failing to provide voter registration forms to residents seeking public assistance, like food stamps and Medicaid. The suit claims Georgia has been engaging in statewide noncompliance with the National Voter Registration Act of 1993 (NVRA) Section 7. It contends the state has deprived thousands of low-income Georgia citizens the opportunity to vote. In 2007-2008, Georgia public assistance offices received 21,762 voter registration applications a 79 percent drop since 1995-96 (Fleishman, 2004). Section 7 of the NVRA requires that all public assistance offices, in states subject to the NVRA, distribute a voter registration application with each application for public assistance, and each recertification, renewal, or change of address relating to an individual’s receipt of public assistance. It further mandates that all public assistance offices in a covered state assist clients in completing a voter registration application (unless a client declines such assistance), provide a form that asks clients whether they wish to register to vote and includes certain specified information concerning the voter registration process, and accept completed voter registration forms for delivery to the appropriate elections authority. Defendant...
Words: 1132 - Pages: 5
...Final Exam Review Practice Case IPI Case: Required: 1. Identify Accounting System Issues * System implementation * Lack of training * I: people try to override the system, inaccurate reporting * R: The company who installed the system needs to be contacted and hold training session for employees * Glitches * I: inaccurate reporting, create room for error * R: Contact the company again and get them back and give them responsibility to fix the glitches 2. Identify Control Issues: * Understaffing people are overworked, may get sloppy * R: Hire more staff * Lack of segregation of duties, bookkeeper does the bank rec and A/R ledger * R: Get someone else to do one of those duties * Mismatch b/w what’s shipped and what’s recorded as revenue since sales reported based on what they are supposed (when order is confirmed for shipment) but Louis goes down to the shipping department and adds a few more COGS is correct but revenue is not * R: Base revenues on actual quantities shipped * Year end cut-off error – Revenue: Takes 3 weeks to get the orders out but actg department records sales based orders * R: System is changed so that revenue is recorded only when shipment is confirmed, send shipping log to the actg department so they know 3. Policy compliance * Costs capitalized to inventory * IPI’s accounting policies state that only the rental cost...
Words: 1267 - Pages: 6
...Date:-08/10/2014 LJB Company :- Internal control No | Particular | Page no | 1 | Introduction | 1 | 2 | Topic 1 Explanation | 1-2 | | Internal control requirement | | 3 | Topic 2 Explanation | 2-3 | | Internal control requirement | | 4 | Topic 3 Explanation | 3-4 | | Internal control requirement | | 5 | Summary of recommendation | 5 | 6 | conclusion | 6 | case study 2 solution Dear president of LJB Company, * If the LJB Company should decide to become a publicly traded 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, non-audit services between these two parties (LJB and said independent auditor) are prohibited. * There are a few internal control measures that LJB already has in effect and are better for it: the use of pre-numbered invoices by the accountant and your (the President’s) involvement in the approval and hiring process of new employees. I also recommend the purchase of the indelible ink machine as per the accountant’s request. As this applies to the Internal Control Principle of Physical Control,...
Words: 2287 - Pages: 10
