1 Fraudulent use of corporate credit cards will be minimized by which of the following controls? A. Subjecting credit card charges to the same expense controls as those used on regular company expense forms. B. Periodically reviewing the validity of the need for credit cards at executive and operating levels. C. Establishing a corporate policy on the issuance of credit cards to authorized employees. D. Reconciling the monthly statement from the credit card company with the submitted copies of
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receivable. 2. Comment on the internal accounting control of MiniScribe‚ specifically the reasons for its ineffectiveness in preventing fraudulent financial reports. Internal accounting control is crucial to internal control in a company. Accounting control is the methods and procedures for authorizing transactions‚ safeguarding assets and ensuring the accuracy of the financial records. I think the most important reasons of the totally failure of internal control to prevent fraudulent financial
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Assignment from the Readings ACC/340 Assignment from the Readings 8-17 Fairfax Recreation Center (Internal Controls at a Fitness Center) The Fairfax Recreation Center is a neighborhood fitness center equipped with an indoor swimming pool‚ exercise equipment‚ and a running track. The Center is open seven days a week‚ from 8:00 A.M. to 10:00 P.M. Stationed just inside the front doors is a turnstile. An employee oversees access through the turnstile. Before anyone can enter the facility‚ they
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Internal Control And Accounting Systems An Overview of the Sales Ledger and Credit Control Sandwich Master Ltd Word Count: I confirm that this is my own work unaided for ICAS and that no additional support has been provided. I have read and understood the terms and conditions. Contents 1. Terms of Reference 3 2. Methodology 3 3. Executive Summary 3 4. Introduction 4 5. Review of Current Accounting Systems 4 6. Weakness 4 7. Recommendations for Improvements 4 8
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Ethics Case BYP8-6 ACC/280 Ethics Case BYP8-6 Within organizations‚ internal controls are essential features that safeguard its assets and enhance the accuracy and reliability of the organizations accounting records. In addition‚ Congress forces companies to adhere and implement The Sarbanes-Oxley Act of 2002 (SOX). In this discussion‚ four questions will be addressed in regards to Ethics Case BYP8-6 and followed with ethical answers pertaining to the accounting industry. Who will suffer negative
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information that will help them B. such services are required by federal law C. the remoteness of users of information D. the complexity of business transactions 3. *The auditor concludes that a public company has significant deficiencies in its internal controls over financial reporting. Which of the following is a proper response to this finding? A. Expand the planned testing of account balances to consider the types of errors that might occur because of the deficiency. B. Report the deficiencies
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and reliable information that assist them in making business decisions. More commonly the users of this information are focused on accurate financial statements and an evaluation of managements assertions regarding the oversight of reporting‚ internal controls and presentation of that information in accordance with generally accepted accounting principals (GAAP) as well as mandated legislation where applicable. There are three main concentrations of audit: financial‚ operational and compliance and
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performance. Placing additional duties on management and the auditors so that they make sure the presence of sufficient internal control systems that gives adequate guarantee about the financial statements being complete and accurate. Management had to file an annual report a which had to be attested and reported by an external auditor about the management’s evaluation of internal control in the company Public firm must comprised of unbiased members of board of directors‚ which have to validate the accuracy
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Public Company Accounting Oversight Board; Will it Protect Investors? The Public Company Accounting Oversight Board (PCAOB) was created by Sarbanes-Oxley Act of 2002. This board was created to oversee the audit of public companies‚ subject to the securities laws‚ in order to protect the interests of investors (15 USC 7201‚ 2002). It was created in wake of the recent financial scandals of Enron‚ WorldCom‚ and Global Crossing to name a few. This "Act" established by Congress is to create an oversight
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presenting. Q3: Discuss the 4 stages of the audit and the major activities performed by the auditor in each phase. Give an example of how each of these specifically applies to the Smackey Dog Food‚ Inc audit. For instance‚ examine the apparent internal control weaknesses and possible negative outcome of each. Solution: 1. Preparation‚ planning‚ and risk assessment
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