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
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2013, and there are some concerns about the current internal control of the company. Our recommendations of the new internal control our based on Sarbanes Oxley Act; we believe this information will serve its purpose to fit the needs of LBJ Company. New Internal Control Requirements: According to the investigation, we reviewed the following areas of internal control that need to be under the Sarbanes Oxley standards: * Human Resource Control * Segregation of Duties * Establishment
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Recommendations for an Internal Auditor Employees in a business must understand the organizational culture. Internal auditors, especially must understand the culture and all the attributes to the organization. The auditor must understand all employees and the organization’s operation and financial process. “Effective internal auditors must be excellent listeners, accurate translators of information, convincing presenters and credible reporters” (Chambers, 2010). While working with management
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Career Path for Internal Auditor An internal auditor is a professional that provides an independent and unbiased analysis of the internal control or activities of a company. The internal auditor’s job is vital to an administration; with management, he or she synthesizes and implements rules and recommendations. An internal auditor has the responsibility to develop and apply analytical tools or indicators that measure risks and evaluate performances. The job implies a transversal function within
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line to reduce costs. Due to the importance of inventory control, we showed management how to take their current inventory data tables and construct pivot tables to improve decision making on inventory. Internal controls were reviewed on payroll, accounts payable, accounts receivable, and inventory processes to ensure the accuracy and validity of data. The review determined that if Kudler does not implement the recommended internal controls system suggested, the business could be under serious threats
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3-31 Ron Barber, CPA, is auditing the financial statements of DGF, Inc., a publicly held company. During the course of the audit, Barber discovered that DGF has been making illegal bribes to foreign government officials to obtain business, and he reported the matter to senior management and the board of directors of DGF. a. If management and the board of directors take appropriate remedial action, should Barber be required to report the matter outside the company? If they take the appropriate
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the relevant technologies, and assessed the campus physical environment to define the risks and vulnerabilities that need to be addressed for a long-term vision of campus security. From this goal set, CATALYST has developed the guidelines and recommendations for the District to standardize the approach and cost of physical security on their campuses. The Security Master Plan will include the topic sections listed in the outline following. The primary intent of the Security Master Plan is to define
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Deficiencies in Internal Control to Those Charged with Governance and Management.. A deficiency in internal control is defined by ISA 265 as a control designed, implemented or operated in such a way that it is unable to prevent, or detect and correct, misstatements on a timely basis, or a control necessary to prevent, or detect and correct, misstatements in financial statements on a timely basis is missing. After completing further audit procedures, the audit firm must decide if the control deficiencies
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INTRODUCTION Excel Poultry & Meat Sdn Bhd (EPM) was established in 1998 to carry on chicken farming and supplying of whole chickens to various outlets in Malaysia. It is a subsidiary of PCK Holding since 2005. The set up was a small and medium sized enterprise (SME) located in Kluang, Johor. EPM was a member of Federation of Livestock Farmers’ Association of Malaysia (FLFAM). Since there is no dietary prohibitions and religious restriction against chicken consumption, it was the most popular and
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Nature of Auditing and the Public Accounting Profession 1. Auditing neither creates goods nor adds utility to existing goods and therefore does not add value to business. Auditing exists only because it has been legally mandated. Auditing exists because it is needed by the company. It is beneficial to users who need assurance if their financial statements reflect economic conditions that occurred in a period. Without reliable information, companies might make less effective decisions which
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