CASE STUDY #2 INTERNAL CONTROLS: WILLIAMS OIL SERVICES SCOTT SALES SERVICES HUMAN RESOURCE ASSISTANT ACCT FIN: MANAGERIAL USE, ANALYSIS PROFESSOR JENNIFER COLEMAN February 7, 2016 Naomi M. Duncan INTRODUCTION Every business has a need for (and should be mandated to implement) Internal Controls. From a mom and pop storefront to a global corporation, fraud and errors (unfortunately rears its ugly head). As defined in businessdictionary.com, Internal Control is a “systematic
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INTERNAL CONTROLS RUTASHA BRABHAM 1XACC/280 AUGUST 7, 2011 Internal controls are beneficial to a company’s structure and organizational design. Internal controls consists of all the measures taken by the organization for the purpose of; (1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3) securing compliance with the policies of the organization; and (4) evaluating the level of performance
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Preparing LJB’s Internal Control Reporting for Public Trading LJB System of Internal Controls Case Study February 5, 2012 Prepared by Background LJB Company, a small local distributor business that realizes in order to go public in the future, the company must be in compliance of the law and may need to adopt stronger internal control principles. At the President’s request, an independent internal assessment of internal controls was conducted to evaluate areas of strength and weakness
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Internal controls are an important asset to all companies especially companies that wish to maintain their accuracy and security. These controls help protect from certain situations such as robbery, employee theft, or unauthorized use. Internal control also help accounting records to be accurate and more reliable by taking out the possibility of errors happening and irregularities. When you have an independent internal verification it is provided from internal controls. When this happens this max’s
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that the company also respects the employees. The owner and accountant also show that they have a lot of trust in the employees with the current petty cash scenario. The accountant is also taking the right steps toward maintaining some internal controls by using pre-numbered invoices. The use of the pre-numbered invoices makes it easier to record the invoices and also maintains some order to the system that he is trying to establish. He has expressed interest in purchasing an indelible ink
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Justification for Internal Control Systems Internal control is an action used by organizations to help improve the achievement of organizational objectives. An internal control system includes organizational design, written policies and procedures, operating practices, and barriers that protect assets and personnel. Also internal control addresses risk assessment, control activities, communication processes, and monitoring processes (eNotes, 2012). Internal control systems discourage and identify
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Running Head: INTERNAL CONTROLS May 8, 2011 Manhattan Company Re: Audit of Internal Controls Dear Mr. Jerry Mays, This letter is to inform you of our findings of the conducted audit on your company’s internal control process. There are many great things your company does with its internal control processes, however there are several vulnerabilities that could pose a huge risk to your company’s assets
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for an Internal Control System Justification for an Internal Control System Internal controls are key elements toward risk reduction for any organization. Although additional controls (insurance and portfolio approach) are currently in place, this paper will focus on the internal system, other approaches to risk management, and how internal controls will be beneficial for the organization overall. While current approaches also assume certain potential risk protection, internal controls
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Title: Internal Control and Other Risk Internal Control and Other Risk University of Phoenix Internal Control and Other Risk Kudler Fine Food is very concern with the company internal control and risk
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Justification for an Internal Control System Crystal Spencer University of Phoenix ACC/544 Internal Control Systems Christina Yang May 14, 2012 The purpose of this brief report is to justify the need for the internal control system in any organization, when controls are in place with an insurance and portfolio approach. An internal control system in any organization is a way to regulate, to reduce lost, to minimize risks, and to accomplish the organizational
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