LBJ: SOON TO BE A PUBLIC COMPANY A Guide To Internal Control Table of Contents 1. Introduction 2. Internal Control Standards 3. LBJ’s Successes 4. LBJ’s Opportunities For Improvement 5. Conclusion Introduction This is a report for the LBJ Company to better assist with the needs of internal control. Our findings are based off of what has been shared with us by the company president on how LBJ Company operates on a day to day basis. It does seem
Words: 1355 - Pages: 6
SOX standards. The SOX act also affects how external auditors perform assessments of the company’s financial reports. It will require external audits to include a traditional and an independent opinion of the company financial statements. Management will be held responsible for ensuring that an annual attestation report is prepared as a result of these audits to stay compliant with the SOX Act (Paul D. Kimmel, 2013). Aside from what the SOX Act regulates as to what a company’s internal controls standards
Words: 1495 - Pages: 6
ACT 803 FINAL STUDY GUDE Chapter 19: Audit of the Acquisition and Payment Cycle: * Be able to identify accounts that will likely be affected by weak internal I/C. ACCOUNTS PAYABLE flows into: -cash in bank / Raw material purchases -purchase R&A / PPE -purchase disc / Prepaid Expenses ….which then flows into Manufacturing/Selling/Admin Expense Control Accounts CLASSES OF TRANSACTIONS/ACCOUNTS Acquisitions: Cash Disbursements: * Inventory
Words: 584 - Pages: 3
Merging of numerous national generally accepted accounting principles with the International Financial Reporting Standards (IFRS) guarantees reliable and comparable financial information that will help investors in making the best investment decisions. Many countries and the International Accounting Standards Board plan to implement or converge with the International Financial Reporting Standards with a goal of comparing uniformed financial statements across countries. Having uniform standards for
Words: 1081 - Pages: 5
Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague
Words: 1283 - Pages: 6
Topic: Can the auditor ever attain perfect independence? Is it economical and practical to achieve and, if not, should the government should be handling auditing or be part of the audit process? My paper shall be addressing the issues revolving around auditor independence. Auditor independence is defined as the reference to the independence of internal or external auditors from parties that might have a financial interest in the business being audited. Independence involves two forms, independence
Words: 1295 - Pages: 6
Auditing I 04-16-2013 Case 10.1: Southeast Shoe Distributor, Inc. Control Activities Matrix In order to cover some of the presentation and disclosure-related audit objectives, we need test these in other ways than through test of transactions or controls. One of these disclosure objectives that cannot always be met through test of transactions is the Occurrence and Rights and Obligations assertion. In order to meet this assertion, I (the auditor) would use methods such as inspection; physically
Words: 283 - Pages: 2
Byce had no criminal record and was the average person. This meant there was no reason to suspect her. She did have pressure and opportunity to commit fraud though. She had a gambling addiction at the time, which can lead to needing money and then more money. No one else probably even knew she had a gambling addiction. She also had medical issues, Crohn’s Disease, which led to surgeries and continuing surgery. Of course, these surgeries and treatments would have cost money. (Damien, 2009)
Words: 863 - Pages: 4
Apollo Shoes, Inc. Audit Report The audit firm of Anderson, Olds, and Watershed, CPA (AOW) has been engaged by Apollo Shoes, Inc. to audit the financial statements for the fiscal year ending December 31, 2007, and file the Form 10-k with the SEC within 60 days of this date. It has also been agreed that AOW will prepare the state franchise tax and federal tax returns for Apollo Shoes, Inc. The field work for the audit will begin mid-January, with the trial balance to be sent to AOW shortly after
Words: 1011 - Pages: 5
A Primer on Sarbanes-Oxley By Doris Activity 7 MGT7019-8 NorthCentral University Abstract This paper identifies issues, activities and practices, in financial reporting by public companies that were sanctioned by the Sarbanes-Oxley legislation Act of 2002 (SOX). This act was passed with the intent to restore public confidence and increase transparency in financial reports of publicly held companies, due to the aftermath of the financial scandals that plagued companies such as Enron and
Words: 2127 - Pages: 9
