Internal Controls Internal control describes the policies, plans, and procedures implemented by management of an organization to protect its assets. The 1992 COSO Report is important because it established a common definition of internal control for assessing control systems, as well as determined how to improve controls. Controls have many uses and purposes, this is why businesses look into control systems to find a solution for any problem that it may arise. PepsiCo mentions that their financial
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Corporate Compliance Plan Law/531 July 23, 2012 Company Overview Riordan Manufacturing, a subsidiary of Riordan Industries, is an international corporation with hundreds of employees worldwide with $1billion in annual revenues, making it a Fortune 1000 business. Riordan Manufacturing is a leader in international business for its production and manufacturing of plastic and polymer injection molds. Some of their current customers and clients include the department of defense, the aircraft
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prescribed managerial policies. Sarbanes Oxley Act of 2002 piece of legislation with respect to internal controls Section 404: reaffirms management is responsible for establishing and maintaining an adequate internal control structure. 1992 Coso report: established common definition of internal control for assessing control system, as well as determined how to improve controls. An internal control system should consist of the five components: 1. The control environment 2. Risk assessment 3
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Garret Car Rentals Audit Report Objective Our objective is to perform an efficient and informative audit of Garrett Car Rentals, and identify areas of weak control that need to be improved. Recommendations * Use the COSO audit approach: * The condition is that there has been a tremendous increase in vehicle count, maintenance and repairs have increased in the past three years, and that inventory and inspections have increased additionally in the Wilsonville factory, while all other
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special grand jury investigation then uncovered numerous internal control problems that contributed to the deficit. In this memorandum, I will discuss Violet Bay School District’s control systems. I will evaluate the control system using the framework in COSO framework and identify control mechanisms. I will also address the components of the fraud triangle that were present at VBSD. EVALUATION OF CONTROL SYSTEM VBSD does not create a good control environment with commitment and ethical values well
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is to reduce the possibilities of corporate fraud by mandating specific procedures for financial reporting. It is recommended that your company adopt the framework defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in order to comply with the SOX Act. The first of five components of this framework is to create the control environment. This refers to the significance that management places on a company’s risk management and accountability processes and how they
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The Washington State Board of Accountancy has specific education requirements that are current after July 2000. In order to be eligible to take the CPA exam, a person must have a Bachelor’s degree or higher and must have completed at least 150 semester credits of college education (Board of Accountancy Washington State). Within these 150 semester credits, 24 credits must be in accounting subjects with 15 credits at the upper or graduate level and 24 credits must be in business administration subjects
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Competition Bikes, inc, Executive Summary Report * Skip to Navigation * Skip to Content ------------------------------------------------- Top of Form Bottom of Form Horizontal, Vertical, Trend and Ratio Analysis The assessments of the financial health of Competition Bikes, Inc. (CB) are derived using the attached income statements and balance sheets. Focusing on calendar years # 6, 7 and 8 to gauge the growth and stability of this company. Between the years # 6 and 7, Competition
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Members in Government Guide to Internal Control and Internal Control Services Members in government, both mangers and auditors, must understand the concepts of internal control and independence and the effect they have on the CPA practitioners that the government hires for both its financial statement audits and for other nonaudit engagements related to internal control services. As auditing standards have evolved, the auditors may no longer default to a maximum control risk but now should obtain
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effect of information systems on control risk, considering both manual and automated procedures. After reviewing the overall effect on the financial statement audit and in particular on the audit of internal controls, you consider the phases of the COSO control framework. You also look at the types of controls and how these controls are audited for common information systems. The final topics address the role of service auditors’ reports for outsourced information systems as well as how and when the
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