contacted and hold training session for employees * Glitches * I: inaccurate reporting, create room for error * R: Contact the company again and get them back and give them responsibility to fix the glitches 2. Identify Control Issues: * Understaffing people are overworked, may get sloppy * R: Hire more staff * Lack of segregation of duties, bookkeeper does the bank rec and A/R ledger * R: Get someone else to do one of those duties * Mismatch
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President, LJB Company 123 Main St Atlanta, GA 30339 Re: Internal control for LJB Company Dear Mr. Andrews, Thank you for taking the time to meet my colleague Simon Weeks. Simon has since moved on to another role so I will be assisting you with this project. I look forward to providing sound advice on compliance policies and procedures for your company. In order for LJB to go public, LJB will need to document internal controls. This is a first step in the initial public offering (IPO) process
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Name: Nam Do Class: ACC 617 Instructor: Dr. Nancy Lankton Question 1 a. Independence from current/former executives The good Board of Directors should be independent from current/former executives to commit to high standards of corporate governance. There should have different Boards including the Board of Executives which is responsible for day-to-day activities and Board of Directors elected by the shareholders for supervising the Board of Executives. The Board of Directors holds the highest authority
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CORPORATE GOVERNANCE IN TURBULENT TIMES ABSTRACT The last few years we have seen some major scams and corporate collapse across the globe. In India, the major example is Satyam which is one of the largest IT companies in India. All these events have made stake holders realize the urgency and importance of good corporate governance. Before investing money in any company people are quite concerned how companies are being managed
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preparing and issuing their periodic financial statements. Arthur Andersen’s auditing philosophy was not rule-based; instead he invoked a substance-over-form approach to auditing and accounting issues. He avidly believed that the primary role of the auditor was to ensure that clients reported fully and honestly to the public, regardless of the consequences for those clients. Ironically, Arthur Andersen & Co.’s dramatic fall from eminence resulted from its association with a client known for aggressive
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supply condition code of material being released. Distribution - Perpetuate from record positions 55 and 56. Unit Price - The unit price for the NSN/part number being released. 27 This block may contain additional data including bar coding for internal use. Data entered in this block is as required by shipping activity by commodity. When data is entered in this block, it will be clearly identified. 28 Issued by - Signature of individual from the originating activity that makes the issue directly
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accounting firm decided that the industry-customizable financial software would benefit Kudler Fine Foods there were flowcharts produced for the payroll, accounts payable, accounts receivable, and inventory departments. The accounting firm gave recommendations that would make the flow of data smoother and less time consuming. The next week the accounting firm looked at the database on Kudler Fine Foods intranet. The accounting firm looked at the completeness and then created
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12. Risk management in hotel and tourism industry in India and in the whole world 30 3.13. The management of risk in agricultural sector in the United States of America 31 3.14. THE ROLE OF INTERNAL AUDITORS IN RISK MANAGEMENT 33 4. CONCLUSION AND RECOMMENDATION 35 4.1. CONCLUSION 35 4.2. RECOMMENDATION 36 ACKNOWLEDGEMENT This report is the main and final part of our MSc in Finance and Business Management course. To make this report I have got the
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Introduction High-profile accounting scandals of recent decades have seriously undermined the confidence in the capital markets and resulted in unprecedented losses, affecting both large and small investors. Scandals that erupted in the largest U.S. companies as Enron, Tyco and WorldCom, have reduced the overall confidence in the capital market and had a devastating impact on pension assets. As a result, on July 30, 2002, Congress passed the Sarbanes-Oxley Act, creating the radical changes affecting
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Discuss the principles and objectives of Risk Management from the perspectives of both company directors and Auditors, explaining how you consider the appropriate assessment and prioritisation of recognised and documented risks could have possibly have prevents or minimised the impact of any of the recent prominent corporate failures worldwide. Table of Content Pages Executive Summary
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