President! From: Mark Buchanan CC: Date: 11/22/2011 Re: Internal Control Evaluation Going Public: All publicly traded companies in the United States are required to maintain an adequate system of internal controls per the Sarbanes Oxley ACT of 2002 or SOX. Corporate executives and boards of directors must ensure that these controls are reliable and effective. In addition independent auditors must attest to the adequacy of the internal control system. Companies that fail to comply are subject to fines
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Using Computer-Assisted Audit Techniques to Support Audit I. Executive Summary Nowadays‚ the use of computers dominates in most of the business world; auditors too have recognized that the power and speed of computers can greatly assist them in their work. The term “computer-assisted audit techniques” (CAAT) is used to denote computer techniques that auditors can utilize to help them complete their audits in a more effective‚ efficient‚ and timely manner. Use of the prefix “computer-assisted”
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Internal Control and Accounting Systems – Standards ICAS (Level 4) - Standards 1 Title (and reference number) Level Credit value Principles of Internal Control (Knowledge) 4 3 Assessment criteria – learners can: Describe the purpose‚ structure and organisation of the accounting function and its 1.1 relationships with other functions within the organisation. Explain the various business purposes for which the following financial information is required • income statement (profit and loss
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that it was appropriate for Ernst & Young to decide not to rely on AA Capital’s internal control during 2004. The E&Y took the required (Sarbanes-Oxley) precaution of conducting and audit of the internal control system over financial reporting which led to the discovery of the $1.92 million of cash transfer made to Orecchio; even though it did not stop the fraud. Auditors can choose not to rely on a client internal control after obtaining and understanding the client’s system and the auditors determine
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President of LBJ Re: Internal Controls My Recommendation Impact of going public Public companies‚ as the result of the passing of Sarbanes Oxley Act of 2002‚ are necessary to document their controls‚ assess the documented controls and have their external auditors examine their testing of controls and note down a report about the efficiency of controls surrounding financial reporting. As a result‚ there will be supplementary work on designing‚ testing and auditing of controls if you come to a decision
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A STUDY ON RECEIVABLE MANAGEMENT WITH SPECIAL REFERECEN TO CALTEX LUBRICANTS INDIA LIMITED CHENNAI BY J. ELANGOVAN REG NO : 35103077 A PROJECT REPORT SUBMITTED TO THE SCHOOL OF MANAGEMENT In the FACULTY OF ENGINEERING & TECHNOLOGY In Partial fulfillment of the requirements For the award of the degree Of MASTER OF BUSINESS ADMINISTRATION SRM SCHOOL OF MANAGEMENT SRM INSTITUTE OF SCIENCE & TECHNOLOGY DEEMED UNIVERSITY KATTANKULATHUR – 603 302 APRIL – 2005 i BONAFIDE CERTIFICATE Certified
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system of ‘internal control (I.C).’ (D.P. Jain‚ 1993). Management not the auditor must establish and maintain the entity’s of control. (Alvin J.‚ James K.‚ W. Morley‚ Ingrid B.‚ 2000). According to Spicer and Pegler‚ “internal control is best regarded as indicating the whole system of controls‚ financial and otherwise estimated by the management in the conduct of a business including internal check‚ internal audit and other form of controls.” (D.P. Jain‚ 1993). Larry F. (2002) defines internal control
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Accounting for Receivables Definition Receivables are amounts due from other persons or entities. Receivables are highly liquid‚ which means it is expected that they will be converted into cash quickly‚ and are classified as current assets. Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills Receivable: similar to accounts receivable but bills receivable
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Internal Control and Risk Evaluation A risk is the chance of a negative event occurring. Internal controls are policies and procedures set in place to reduce the occurrence of an associated risk. Risks are never entirely eliminated; however‚ internal controls help reduce the occurrence and balance the risk. This brief will discuss the risks of Kudler Fine Food’s current Accounting Information System (AIS). In addition‚ the internal controls designed to mitigate the risks. Furthermore
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Internal Control and Risk Evaluation Accounting Information Systems 542 October 10‚ 2011 Analyze the risks in the systems that your team analyzed An Accounting Information System is an integral part of the new design of Kudler’s computer system. Accountants do not necessarily need to understand completely how computers process data of the accounting application‚ but it is essential for them to understand the flowcharts and documentation that shows how this processing works. The purpose
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