Y’Lonn James Yolanda Serrano ACCT504-10563 Case Study #2 02/05/2016 Situation a. Missing Internal Controls: Monitoring control is the missing internal control weakness. This monitoring provides “eyes and ears”, so that no one person or group of persons can process a transaction completely without being seen and checked by another person or group. This control involves understanding how companies monitors its control and how effective the monitoring is. The clerk should not be the only
Words: 406 - Pages: 2
ACCT504 Case Study 2 1. Inform the president of any new internal control requirements if the company decides to go public. (7 points) I would inform the president of the following controls to make the company better. Background checks for employees should be number one to avoid any issues down the line. The idea is to install some type of filters that automatically checks for strange behaviors. The president should also considered, 2. Advise the president of what the company is doing
Words: 317 - Pages: 2
College of Business & Management ACCT504 Student Success Guide 1 Table of Contents Why a success guide? ................................................................................................................................. 3 What makes accounting challenging? ........................................................................................................ 3 How should I approach the course? ..................................
Words: 1044 - Pages: 5
Case Study 2 – Internal Control ACCT504: Accounting and Finance: Managerial Use and Analysis If LJB Company is serious about going public then you all need to make sure you are folling the new internal conrol provisions of Sarbanes-Oxley Act that SEC implemented. This says that management needs to report on internal conrol over financial reporting and certifiaction of disclosure in Exchange Act periodic reports. Under the finacl rules, management annual internal control
Words: 564 - Pages: 3
Week-2 Case Study ACCT504 Acct Fin: Managerial Use Analysis Callistus Wong Professor Saad November 27, 2015 Situation A. In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews
Words: 815 - Pages: 4
Case Study 2 ACCT504-Managerial Accounting and Finance Professor Dediemar February 10, 2014 Table of Contents Introduction………………………………………………………………3 Evaluation of Internal Controls at LBJ Company………………………..4 Efficiency of LBJ Company………..……………………………………5 Inefficient Practices at LBJ………………………………………………5 Recommendation to Purchase Indelible Ink Machine…………………….6 Conclusion……………………………………………………………….7 Work Cited...…………………………………………………………….8 To: LBJ Company President From: Duc Nguyen, Accounting
Words: 1124 - Pages: 5
The ACCT504 Final Exam will be an online open-book, open-notes, open-computer exam with a time limit of three hours and 30 minutes. It will be worth 250 points or 25% of your course grade. The Final Exam is two pages long and will consist of 14 multiple-choice questions worth five points each and six essays worth 30 points. Some of the multiple-choice questions are problem-based. Of the six essays, five of the essays are problem-based since this is an Accounting course. Terminal Course Objectives
Words: 996 - Pages: 4
ACCT504 Week 1 Objectives (JAN15) 1 of 2 https://devry.equella.ecollege.com/file/c3a70b64-5599-41cb-be31-a270... Print Given an annual report, the student should be able to read, understand, analyze, and explain a A company’s Balance Sheet to other decision makers and use the knowledge and skills to make business decisions. Key Concepts Understand the environment of financial reporting in the United States and explain the importance of generally accepted accounting principles.
Words: 125075 - Pages: 501
Internal Controls LJB Company Name Submitted to ACCT504 Accounting & Finance: Managerial Use & Analysis School: Submitted: Executive Summary This report provides an analysis and evaluation of the internal controls at the LJB Company and what is required before going public. We will touch base on IT Governance, Sarbanes-Oxley and COBIT, highlight items that LJB is doing right as well as those items LJB is doing wrong and a few improvements along the way. Company Overview
Words: 2475 - Pages: 10
