...A Checklist for Evaluating Internal Control ACC/544 January 17, 2011 Professor – Robert Cornett Abstract The Sarbanes-Oxley Act of 2002 requires an audit of management’s assessment of internal controls for publicly traded companies. In addition, the evaluation of a company’s internal control system is to assess control risk to give auditors a basis for planning the audit and to provide information useful to management to meet the company’s control mission. Five basic components of the internal control system and three evaluation phases help auditors to validate the complete internal control system. The data are best quantified with the use of an internal control checklist (Louwers, Ramsey, Sinason, & Strawser, 2007). Internal controls represent safeguards that protect a company’s business operations and financial information. Business owners are typically responsible for developing and implementing internal controls for a company. Owners can use internal or external audits to evaluate the effectiveness of internal controls. This evaluation normally follows a standard process of measuring the company’s business operations and financial information (Vitez, 2009). Interview Management Management interviews allow auditors to understand the mindset of business owners and other managers in the company. Interview questions include why the owner created certain internal controls, what the controls are for, do managers understand the purpose of the...
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...[pic] |Course Syllabus School of Business ACC/544 Internal Control Systems | |Copyright © 2010, 2009, 2008 by University of Phoenix. All rights reserved. Course Description In this course, students gain a broad perspective of accounting and control that considers attainment of all goals of the organization, including those concerned with financial objectives. Topics include an overview of control, risk management, internal control systems, controls for current asset functions, controls for other accounting classifications, controls for information technology systems, and reporting on controls. Policies Students will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Louwers, T. J., Ramsay, R., Sinason, D., & Strawser, J. (2007). Auditing and assurance services: A look beneath the surface (2nd ed.). New York, NY: McGraw-Hill. McCarthy, M. P. & Flynn, T. P. (2004). Risk from the CEO and board perspective: What all managers...
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...Marketing Audit A Marketing Audit is a comprehensive, systematic, periodic and independent examination of a company’s or business unit’s marketing environment, objectives, strategies and activities with a view to determine problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance. The purpose of a Marketing audit is to identify whether there are any working practices that could be more effective. There are essentially two types of Marketing audits in existence, which are, • Internal marketing audit • External marketing audit The timing of a marketing audit depends on the Company. In general, marketing audits are usually carried out every 6 months. Twice per financial year. The personnel likely to be involved with a Marketing audit are as follows, • The Owner / CEO • Marketing Director • Marketing Manager • The Chief Accountant • The Head of Finance Characteristic of a Marketing Audit The 4 main characteristics of a Marketing Audit are as follows, • It is broad rather than narrow in focus The term “marketing audit” should be reserved for a horizontal (or comprehensive) audit covering the company’s marketing environment, objectives, strategies, organization, and systems. In contrast a vertical (or in-depth) audit...
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... Sr.No. | Content | Page number | 1 | Summary of assignment | 3 | 2. | Planning and designing of food safety system | 4 | 3. | Step 1: Global standard procedure for food safety. | 4 | 4. | Step 2 :Pre requisites programs | 4 | | Step 3: Senior management implementation. | 6 | | Step 4: Food safety / HACCP implementation program. | 7 | | Step 5:Food safety quality maintain documentation | 8 | | Step 6:Training and implementation | 9 | | Step 7:Internal auditing and checklists | 10 | 5. | Personal hygiene | 10 | 6 | Training | 11 | 7 | Facility design and layoutRestaurant lay outKitchen lay out. | 15 | 8 | Flow of food | 17 | 9 | Risk factors | 18 | 10 | Supplier selection program | 18 | 11 | Active managerial control | 19 | 12 | Sanitation program | 20 | 13 | PEST control system | 20 | 14. | References | 22 | summary of assignment Our main objective behind preparing this report is to understand the food safety management system and create, design and prepare system in our concept restaurant that is fast food restaurant situated near Lucerne, Switzerland. Our system is based on planning, implementing and training our employee with documenting different check list and procedure. Food Safety management system includes following. Quality Management System which is an ideal for Food Issues for Food Safety Quality Management Systems. * Procedures Manual * Record Templates * HACCP Manual containing the HACCP Calculator ...
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...BDO Consulting Segregation of Duties Checklist August 2009 BDO Consulting’s Fraud Prevention practice is pleased to present the 2009 Segregation of Duties Checklist. We have developed this tool to assist organizations in identifying fraud risks due to a lack of segregation of duties. We appreciate this opportunity to provide guidance on segregating duties and recommended practices. We welcome the opportunity to discuss these concepts and our other fraud prevention services with your organization. When duties cannot be segregated, compensating controls should be considered. Compensating controls can be preventative, detective or monitoring controls that are executed by an independent, supervisory-level employee who does not have custody, record-keeping, authorization or reconciliation responsibilities for the process. In the checklist below, we have provided examples of several such compensating controls. Ideally, no individual employee should handle more than one of the above-noted functions in a process. When an organization separates these functions among its employees, it has implemented a strong internal control, which may deter and prevent employee fraud. Segregation of duties is one of the key concepts of internal controls. It is also one of the most effective internal controls in combating employee fraud. Segregation of duties contributes to an organization’s system of checks and balances. The concept of segregation of duties is to separate the following...
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...Course Title: Accounting Information Systems Course Code: ACC - 406 Course Instructor: Mohammed Sakhawat Hossain Assistant Professor, Faculty of Business & Economics, DIU Group… Assignment on INTERNAL CONTROL & COMPLIANCE FRAMEWORK FOR INTERNAL CONTROL SYSTEMS IN AB BANK Submitted to Mohammed Sakhawat Hossain Assistant Professor Faculty of Business & Economics Daffodil International University Submitted by Group Name: Group…….. Sec: A Batch: 22nd Program: BBA Faculty: Business & economics Daffodil International University ABOUT OUR GROUP ❖ Group Name: ……. ❖ Sec : A ❖ Batch : 22nd ❖ Program : BBA ❖ Faculty: Business & Economics ❖ Group member | | | | | |S:N: |NAME |ID |REMARK | | | | | | |01 |Soma Das |091-11-678 | | | | | | | |02 |Riza Ul Karim...
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...Control Self-assessment for Information and Related Technology To ensure smooth functioning of an enterprise striving to achieve predetermined objectives, business processes are identified and defined. To ensure the proper completion of process work, procedures are defined, documented and established. Business procedures need to be properly controlled to ensure smooth completion. Out-of-control procedures are expensive; therefore, controls need to be in place. These controls can be preventive, detective and/or corrective in nature. However, the adequacy of controls over procedures depends on various factors, including a balance between costs incurred for implementing controls and the resulting benefits derived. Many controls are essential overheads for the business, and therefore, their effectiveness must be reviewed periodically. Internal audit of controls, an essential overhead, helps avoid relaxation on controls. Ultimately, the control overheads constitute a major expenditure item. Assurance that the controls are in place and effective is essential. This assurance can be given through control self-assessment (CSA), also referred to as control self-assurance. Systems and procedures for many business organizations within various sectors have evolved over time. For example, banking is the oldest service sector and the controls over banking procedures are essential not only for the bank, but also for society in general. Controls in banking procedures have also evolved over...
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...European Journal of Operational Research, 2009, Vol 193, pp425-436 Authors: Baker P. & Canessa, M. Warehouse design: a structured approach Abstract: In spite of the importance of warehousing to the customer service and cost levels of many businesses, there is currently not a comprehensive systematic method for designing warehouses. In this paper, the current literature on the overall methodology of warehouse design is explored, together with the literature on tools and techniques used for specific areas of analysis. The general results from the literature have then been validated and refined with reference to warehouse design companies. The output is a general framework of steps, with specific tools and techniques that can be used for each step. This is intended to be of value to practitioners and to assist further research into the development of a more comprehensive methodology for warehouse design. Keywords: Facilities planning and design; Decision support models; Logistics; Warehouse design. 1 Warehouse design: a structured approach 1. Introduction Warehouses are a key aspect of modern supply chains and play a vital role in the success, or failure, of businesses today (Frazelle, 2002a). Although many companies have examined the possibilities of synchronised direct supply to customers, there are still many circumstances where this is not appropriate. This may be because the supplier lead times cannot be reduced cost effectively to the short lead times...
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...PA2 EXAMINATION BLUEPRINT 2011/2012 Effective Date: December 2011 This document is the property of: CGA-Canada 100-4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 Phone: 604 669-3555 Fax: 604 689-5845 www.cga.org/canada Updated: April 18, 2011 CGA-Canada PA2 Examination Blueprint 2011/2012 Table of Contents About the Examination Blueprint ......................................................................................................................... 2 PA2 Examination ................................................................................................................................................... 2 PA2 Course ........................................................................................................................................................ 2 Prerequisite Courses for the PA2 Examination .................................................................................................. 3 Competency Weightings ....................................................................................................................................... 3 Structure of the Examination ................................................................................................................................ 5 Examination Competency Coverage ..................................................................................................................... 6 Scoring Model and Evaluation of Candidate Performance .......
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...PA1 EXAMINATION BLUEPRINT 2014/2015 Effective Date: December 2014 This document is the property of: CGA-Canada 100-4200 North Fraser Way Burnaby, British Columbia Canada V5J 5K7 Phone: 604 669-3555 Fax: 604 689-5845 www.cga.org/canada Updated: January 21, 2014 CGA-Canada PA1 Examination Blueprint 2014/2015 Table of Contents About the Examination Blueprint ......................................................................................................................... 2 PA1 Examination ................................................................................................................................................... 2 PA1 Course ........................................................................................................................................................ 2 Prerequisite Courses for the PA1 Examination .................................................................................................. 3 Competency Weightings ....................................................................................................................................... 3 Structure of the Examination ................................................................................................................................ 5 Examination Competency Coverage ..................................................................................................................... 6 Scoring Model and Evaluation of Candidate...
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...Systems Administration Capstone Project SYLLABUS COURSE SUMMARY COURSE DESCRIPTION This course provides an opportunity for students to work on a comprehensive project that includes the design, planning and implementation of a network solution for solving specific business problems. Common project management processes are applied to identify deliverables and outcomes of the project. MAJOR INSTRUCTIONAL AREAS 1. Project Management Techniques 2. A Fundamental Review of the Basics of Electronics in the AASNSA Program 3. Capstone Project 4. Research of Current and Emerging Technology COURSE OBJECTIVES 1. Apply important concepts of project management to the actual capstone project proposed for this course. 2. Use Microsoft Office Project to help plan and manage the actual capstone project. 3. Analyze the requirements for the capstone project. 4. Integrate and apply the knowledge acquired in the program to provide effective technological solutions for given problems. 5. Work in teams on a large-scope project. 6. Document solutions to a problem in detail by applying critical thinking and problem solving skills. 7. Present and defend a proposal or implementation in spoken, written, and panel formats in a professional manner. 8. Complete a comprehensive skills assessment for the program of study. LEARNING OUTCOMES 1. Apply important concepts of project management to the actual capstone project proposed...
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...expectations of people. Definition Human Resources Management – Is the set of activities that are intended to influence the effectiveness of human resources and organizations. HRM Activities a) Human Resource Planning b) Employment Planning c) Equal opportunity employment d) Job design and analysis e) Recruitment f) Selection g) Career development h) Performance development (management) i) Compensation j) Health and Safety k) Evaluation of Personnel HANDOUT 1 Human Resources Planning - This is a future and Action oriented process and looks at each individual as unique. - It is a process by which management determines how the organization should move from its current (H.R.) position to a new desired position. - HRD integrates internal and external environments and focuses personnel decisions towards human...
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...University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Cooper, D. F., Grey, S., Raymond, G., & Walker, P. (2005). Project risk management guidelines: Managing risk in large projects and complex procurements. Hoboken, NJ: Wiley. Greenstein, M., & Vasarhelyi, M. (2002). Electronic commerce: Security, risk management, and control (2nd ed.). Boston, MA: McGraw-Hill. Marchewka, J. T. (2009). Information technology project management: Providing measurable organizational value (3rd ed.). Hoboken, NJ: Wiley. Tarlow, P. E. (2002) Event risk management and safety. Hoboken, NJ: Wiley. Article...
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...Real McCoy – Lower 6 Alpha 1 Accounting Internal controls Literature Review Internal control is the process designed to ensure reliable financial reporting, effective and efficient operations, and compliance with applicable laws and regulations. The internal controls safeguard assets against theft and unauthorized use, acquisition, or disposal is also part of internal control (www.cliffnotes.com). Why are internal controls important? Internal controls help to provide reliable data by ensuring that information is recorded in a consistent way that will allow for useful financial reports. They also help prevent fraud and loss by safeguarding assets and essential records. Internal controls promote operational efficiency by reducing unnecessary duplication of effort and guarding against misallocation of resources. In addition they encourage adherence to management policies and funding source requirements. Examples of controls sourced from www.mango.org.uk Delegated authority The Board of Trustees delegates authority through the Chief Executive for the day-to-day running of the organization. In a large and busy organization it is not practical to expect one person to make all the decisions and authorize all transactions. The Chief Executive will, therefore, further delegate authority to members of the staff team to relieve the load and to ensure smooth operation during absences of key staff (compasspoint.org). Every organization should decide in advance who should do what...
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...|[pic] |Course Design Guide | | |College of Information Systems & Technology | | |CMGT/442 Version 4 | | |Information Systems Risk Management | Copyright © 2010, 2009, 2008, 2006 by University of Phoenix. All rights reserved. Course Description This course identifies and defines the types of risks that information systems professionals need to consider during the development and implementation of computer based information systems. This course will survey remedies and prevention techniques available to address the risk areas present. Organizational policies and current regulatory considerations will also be examined relative to development, implementation, and use of computer based information systems. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials...
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