The weaknesses in internal control over cash disbursements at Idaho Company are; 1. Checks are not pre-numbered, 2. More than one person is authorized to issue checks, 3. Unissued checks are not locked in a safe or locked cabinet. My recommendations to improve company procedures for internal control over cash disbursements are; there should only be one specified individual such as a treasurer authorized to sign checks. There should never be two people authorized for check signing. Make sure
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Kudler’s Audit Processes Kudler Fine Food has expanded business and updated their computer systems to meet demands. As IT information is adopted within the organization, automation control processes has become more virtualized. To ensure that Kudler’s computerize systems function properly an audit must be performed on an annual basis. Management at Kudler Fine Foods wants to see the proposed audit schedules for all systems. Management wants to know the types of audit and how they will be conducted
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and financial pressures. Some of the crimes related with organize crime will be money laundering, mail and wire fraud, conspiracy and racketeering. With an internal control weakness employees would always look for opportunities to commit fraud or use company assets without permission. Within this case, we will see multiples internal control weaknesses that allowed Pavlo to perpetrate the fraud and how he used the tricks to mask the whole scam. We also are going to think on what was Wanserski position
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how Biovail Corporation should account the sales based on two different “Freight On Board” (FOB) point which are FOB Shipping point and FOB Destination point, and ethic of earning management where Biovail is suspected might significantly overestimate the value of the product that involved in the truck accident due to Biovail fail to meet its third quarter 2003 earnings guidance. ISSUES First issue that our group discover from this case is how Biovail should account for the sales either FOB Shipping
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the unthinkable. The plane tickets were purchased under a false identity of a former co-worker. An investigation is ongoing into allegations from previous employer of theft into the thousands. Before leaving she withdrew $12,000 from several bank accounts. Sweeten even posted 10% of the $1 million bond with cash. Authorities are investigating into the financial matters of Bonnie. Since being released on $100,000 cash bail, Bonnie plans to stay with distant relatives in Pennsylvania and begin mental
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engagement approved by Patrick Krause, President of LJB Company. Ralph & Golberms, PLLC evaluated the current internal control functionality of LJB Company and develop (1) synopsis strength, weakness opportunities and threats presented by the status (2) a set of recommendations concerning any regulations by LJB Company to go public. LJB COMPANY: Internal Control Review I. NEW INTERNAL CONTROL REQUIREMENTS FOR GOING PUBLIC Sarbanes-Oxley Act of 2002 (SOX), enacted on July 29,2002, is a United States
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Rationale The purpose of my presentation is to inform interested individuals about accounting fraud in small business and narrowing the topic to two main factors that allow the fraud to take place. The presentation will be specifically informational in nature. Once I have finished my presentation, the audience will have a clear understanding of my central idea, which is why limited staff and family trust are reasons that small businesses are victims of accounting fraud. The ideal audience for
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2012 1 Index 1. Definition and goals of the Code of Conduct and Responsible Practices 2. Scope of application 3. General principles 4. Conduct and responsible practices committments 4.1. Compliance with applicable laws and internal regulations 4.2. Enforcement of agreements and conventions 4.3. Relationship with employees 4.4. Relationship with customers 4.5. Market practice 4.6. Relationship with suppliers 4.7. Relationship with public authorities and servants 4.8 Conflicts
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have to be recorded in multiple ledgers. A single entry is made and the package will update all the appropriate accounts automatically. Computerized accounting packages also make it possible for people in other departments, not just accounting to enter data. It does not require a vast amount of accounting knowledge for a pay role clerk to enter wages details into the accounts. Just a basic understanding of how to use the package is needed. Furthermore these packages simplify the use
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Accounting 408 Test 2 Review 1. An auditor obtains knowledge about a new client's business and its industry to a. Make constructive suggestions concerning improvements in the client's internal control structure. b. Develop an attitude of professional skepticism concerning management's financial statement assertions. c. Evaluate whether the aggregation of known misstatements causes the financial statements taken as a whole to be materially misstated.
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