Paredes Optical Company, Inc. Organizational Chart Case Observations: Weak points of current control system of Paredes Optical Clinic on Ms. Pimentel’s (Chief Accountant) perspective: 1. Delay in Reports: Reports from the branches located outside Metro Manila are sent to the Manila Head Office through passenger buses every other day while reports from Metro Manila branches are received daily. 2. Difficulty of ascertaining the true level of branch revenues: During monthly meetings, Ms
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Internal Controls are a growing issue for compliance of the Sarbanes-Oxley Act of 2002 (SOX) (Kimmel,Weygandt & Keiso, 2009). Under SOX all companies publicly traded will maintain an adequate system of internal controls (Kimmel, Weygandt & Keiso, 2009). Some of the internal controls characteristics include, control environment, risk assessment, control activities, information/communication, and monitoring. According to Roadmap for an IPO, private companies pondering on going public should consider
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OF CONTENTS Introduction 1 Internal Environment 2 SWOT Analysis in the Internal Environment 2 Strengths 3 Weaknesses 4 Opportunities 4 Threats 5 Recommendation 5 Conclusion 6 References 7 Introduction SWOT is an acronym used to describe the internal Strengths and Weaknesses of the firm and the environmental Opportunities and Threats. By description, Strengths (S) and Weaknesses (W) are considered to be factors within the control of the firm. Opportunities (O)
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Chapter 1 Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It help an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management control, and government processes. Objective- what an organization wants to achieve. Strategy- how management plans to achieve to organization’s objective. 4 types of objectives -Strategic
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A charity organization need internal control to ensure that all the resources are properly utilized to achieve organization goals and varies projects. In order to reduce financial risk such as theft, internal control plays an important role. According to the case, the business process of nonprofit organizations is usually not well regulated. In my opinion, a nonprofit organization can implement the following controls to ensure transparency and accountability in its operations. 1. Segregation of
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Conduct, Corporate Citizenship, Ethical Behavior, Social Concerns, Corporate Social Responsibility The Treadway Report: published in 1987 highlighted the need for a proper control environment, independent audit committees and an objective internal audit function and called for published reports on the effectiveness of internal control. Cadbury Committee on Corporate Governance, 1992: to help raise the standards of corporate governance and the level of confidence in financial reporting and auditing by
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outdoor outfitters and supply shop, your boss has asked you to look at the internal control system within the store. He is seeking a loan for expansion and must have his books audited. The auditor asked about his control procedures and documentation. He has no idea what the auditor is talking about. Your boss has asked you to do what you need to understand the system and has asked for a memo with your observations and recommendations by the end of the week. Through interviews and observation you notice
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Kudler Fine Foods Risk and Internal Control Evaluation Sonji A. Hart ACC 542 December 8, 2012 Irene Branum Kudler Fine Foods Risk and Internal Control Evaluation According to Hunton et al. (2004), the COSO report states the five objectives to an internal control system are (1) control environment, (2) risk assessment, (3) control activities, (4) information and communication, and (5) monitoring. Upon management’s review of the flowcharts submitted to Kudler Fine Foods from Learning
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The out of control accounting system used by Applebye Downs must be corrected to prevent any number of occurrences that would infringe not only on the ability of the organization to remain profitable but also to remain in business. The recommendation is to consider hiring an internal auditor in an effort to prevent or lessen the impact of inquiries from governmental bodies regarding financial statements. The auditor would make concerted efforts to improve the accounting system with the organization
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outdoor outfitters and supply shop, your boss has asked you to look at the internal control system within the store. He is seeking a loan for expansion and must have his books audited. The auditor asked about his control procedures and documentation. He has no idea what the auditor is talking about. Your boss has asked you to do what you need to understand the system and has asked for a memo with your observations and recommendations by the end of the week. Through interviews and observation you notice
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