EFFECTIVENESS OF INTERNAL CONTROLS IN THE FORESTRY COMMISSION OF GHANA A CASE STUDY ATEBUBU FOREST DISTRICT. A THESIS SUBMITTED TO THE DEPARTMENT OF ACCOUNTING AND FINANCE, IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARDS OF MASTERS IN BUSINESS ADMINISTRATION. (FINANCE OPTION) KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY, KUMASI GHANA SCHOOL OF BUSINESS COLLEGE OF ART AND SOCIAL SCIENCE BY PRINCE KWAKU ASARE PG8365312
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Relationship between Internal Controls and the Audit Process Internal controls are the policies, practices, procedures, and processes that management implements in order to ensure the accuracy and fairness of the information recorded in company financial statements. Traditional management practice has been to define a performance expectation and monitor employee performance for deviations from established performance standards. Traditional auditing has also followed this management practice with
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December 1, 2013 1. Inform the President of any new internal control requirements if the company decides to go public. (7 points) Instituting a system of internal checks and balances would be foremost in my recommendations to the company president since most internal control systems provide for independent internal verification; this principle involves the review of data prepared by employees. To obtain maximum benefit from independent internal verification: * Companies should verify records
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this firm, it is my duty to re-evaluate the control systems of this company, both internal and external. As the current control system is working appropriately, there is a need for more, which further justifies the need for an internal control system. As previously indicated by the firm, there has also been the usage of external control systems and they appear to be more useful and cost effective, but the truth is that a properly operated internal control system is more beneficial to a company than
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Internal Controls Report To: CEO/President –LJB Company From: It is important to understand all internal control requirements before the company decides to go public. Internal control systems must cover five primary elements: controlled environment, risk assessment, controlled activities, information and communication and monitoring. The following are internal control requirement activities that LJB Company must implement and maintain to mitigate risk and loss. * Establishment of responsibility
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Week 5: Case Study 2 Internal Control To: President of LJB Company, Thank you for selecting our firm to provide your company with an evaluation of your organizations internal control system. Internal control systems are vital in securing your organizations assets, it will limit the risk of fraud as well as misuse of your assets. Comprehending how to separate duties among your employees will aid in improving transparency as well as keep your company financially strong. Before the company
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Brief for an Internal Accountant Recommendation Brief for an Internal Accountant Internal accountants or auditors can be beneficial to a company when there are problems within their accounting functions that are causing harm to the financial records. Internal auditors are able to perform many different tasks for the company and if they are an employee of the company already, it can save time when there is an issue because he or she has the knowledge of the internal control systems and may
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Impact of Internal control system over customer service in financial aspects Definition of Internal Control? Internal control or an internal control system is the integration of the activities, plans, attitudes, policies, and efforts of the people of an organization working together to provide reasonable assurance that the organization will achieve its objectives and mission. Four Purposes of Internal Control 1. To promote orderly, economical, efficient and effective operations and
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SUBJECT: Evaluation of Internal Controls Mr. Smith, We have completed our assessment of LBJ Company’s system of internal controls. In addition, our firm researched the regulation regarding publicly traded firms in order to provide you with the most current information. Securities and Exchange Commission. “Official U.S. Agency Web Site.” Web. 24 September 24, 2011. Publicly traded corporations are required to implement the guidelines of the Sarbanes-Oxley Act of 2002. This means that
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Running Head: INTERNAL CONTROLS Internal Controls XACC 280 Internal Controls This paper will cover the ins and outs of internal controls. It will also tell why they are important not only to companies, but why they are important to investors, creditors, and even the public too. Internal controls are a serious of methods and measures that companies put in place to insure that errors or irregularities in the accounting process do not happen very often. In every company there is
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