two-week training program on internal controls and you have a whole binder of information that you must read in preparation for the exercises and role-playing that are included in the training. You recognize most of the materials in the binder because you studied them in your ACC 409/609 class: The Committee of Sponsoring Organizations Report, Internal Control—Integrated Framework. You also notice that there are several cases addressing internal control issues. One case is the Barings Bank collapse
Words: 2441 - Pages: 10
270 Duncan loop east, Dunedin Fl. ACCT 504 Case study 2 Internal control LBJ Company. On behalf of my company, we are pleased to be helping LJB Company in the transformation process from being private to become publically traded company. The transformation process is costly and needs a lot of preparations and planning, since LBJ is relatively small company it should take into consideration the cost of turning to a public company versus the benefits of it. If the company decided that it would
Words: 1167 - Pages: 5
Business University of Southern California Controls at the Bellagio Casino Resort Teaching Note Purpose of Case The Controls at the Bellagio Casino Resort case was designed with several purposes in mind. First, it illustrates a control system that is dominated by action and personnel controls, rather than results controls. The analysis of this system leads to insights about some of the factors that limit the feasibility of results controls. Second, the case can lead into a discussion of
Words: 2654 - Pages: 11
Case Study 2 -Internal Control Dear Mr. President, I have completed my assessment of LBJ Company’s system of internal controls. To start off ‘companies generally design their systems of internal control to provide reasonable assurance of proper safeguarding of assets and reliability of the accounting records. The concept of reasonable assurance rests on the premise that the costs of establishing control procedures should not exceed their expected benefit.’ (Chp 7, Financial Accounting) Also
Words: 810 - Pages: 4
SMACKEY DOG FOODS, INC. Smackey Dog Foods, Inc., is a privately owned dog food manufacturing company, which was started by three sisters, Sarah, Kim, and Jillian, in the kitchen of their suburban Chicago home. They started by manufacturing a natural dog food with ingredients they bought from a local grocery store. These products were discovered by local pet stores and small grocery stores which also became distributors of their products. A larger facility was then needed as the demand steadily
Words: 1936 - Pages: 8
living up to the trust we are given by society, and also by creating more value than expected. As a common plan of action for the entire Group we have adopted "Our Aspirations," which were formulated through a project discussion in which both top management and employees participated, and "Our Commitments," which are made to realize those aspirations. We are also working to increase CSR awareness among each and every employee through the Nikon CSR Charter, which is Nikon Group's basic policy on social
Words: 1256 - Pages: 6
LBJ Company “Going public in today’s environment” Table of Contents Preface…………………………………………………………….…Page 1 Introduction………………………………………………………Pages 1-2 Control Environment…………………………………………….Pages 2-3 Risk Assessment…………………………………………………….Page 4 Control Activities………………………………………………..Pages 4-9 Information & Communication………………………………...Pages 9-10 Monitoring……………………………………………………..Page 10-11 Summary……………………………………………………...Pages 11-12 References…………………………………………………………Page 13 Preface In
Words: 3562 - Pages: 15
requires that the auditor: …obtain a sufficient understanding of the entity and its environment, including its internal control, to assess the risk of material misstatement of the financial statements whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures. To obtain an understanding, the auditor should evaluate the design of controls and determine whether they have been implemented. Several types of audit procedures may be performed, such as:
Words: 1497 - Pages: 6
WILEY & SONS, INC. VICE PRESIDENT & PUBLISHER SENIOR ACQUISITIONS EDITOR PROJECT EDITOR ASSOCIATE EDITOR SENIOR EDITORIAL ASSISTANT PRODUCTION MANAGER PRODUCTION EDITOR MARKETING MANAGER CREATIVE DIRECTOR SENIOR DESIGNER PRODUCTION MANAGEMENT SERVICES SENIOR ILLUSTRATION EDITOR PHOTO EDITOR MEDIA EDITOR COVER PHOTO George Hoffman Michael McDonald Brian Kamins Sarah Vernon Jacqueline Kepping Dorothy Sinclair Erin Bascom Karolina Zarychta Harry Nolan Wendy Lai Laserwords
Words: 241803 - Pages: 968
importing accounting standards that are used every day by auditors of public companies. This paper takes a look at the Sarbanes-Oxley Act of 2002 and its effect on internal controls and small businesses. Also, I will discuss the purpose and specific pronouncements related to accounting information systems and internal controls; as well as the impact of possible future pronouncements. Keywords: Sarbanes-Oxley, PCAOB, Accounting information systems The Sarbanes-Oxley Act and the PCAOB Massive accounting
Words: 2526 - Pages: 11
