ACC 201 4-1 Internal Controls

Question #66:  Lamar LLC is in the process of updating its revenues and receivables systems with the implementation of new accounting software. James Loden, Inc. is an independent information technology consultant who is assisting Tamar with the project. James has developed the following checklist containing internal control points that the company should consider in this new implementation: Is the sales department separate from the credit office and the IT department? Are all collections from customers received in the form of checks? Is it appropriate to program the system for general authorization of certain sales, within given limits? Are product quantities monitored regularly? Required: In a two (2) page response, describe the control purpose for each point presented in the case.

erd-2020 Fall T x spurs meaning Google Upitan Oregon Trail Map magnetic packag.. Señor Wooly How to Ens Your Board CP1-4 Communication There are two common causes of business and accounting fraud: • A failure of individual character • A culture of greed or ethical indifference within an organization Required: Write a brief memo describing how these two factors could lead to accounting fraud. Thread: Wnte Your response as reguested above, It should be in memo format as cholarly sources to

ning Objective 1 S8-1 Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the busi- ness to survive? Give your reason.

Discussion Questions on Fraud Prevention from Chapter 4 Fraud Examination 4th Edition 1. How do organizations create a culture of honesty, openness, and assistance? 2. What are different ways in which companies can eliminate opportunities for fraud? 3. What is the purpose of adopting a code of ethics throughout a company?

ning Objective 1 E8-12 Understanding the Sarbanes-Oxley Act and identifying internal control strengths and weaknesses The following situations suggest a strength or a weakness in internal control. a. Top managers delegate all internal control procedures to the accounting department. b. Accounting department staff (or the bookkeeper) orders merchandise and approves invoices for payment. c. Cash received over the counter is controlled by the sales clerk, who rings up the sale and places the cash in the register. The sales clerk matches the total recorded by the register to each day's cash sales. d. The employee who signs checks need not examine the payment packet because he is confident the amounts are correct. Requirements 1. Define internal control. 2. The system of internal control must be tested by external auditors. What law or rule requires this testing? 3. Identify each item in the list above as either a strength or a weakness in internal control, and give your reason for each…

Chapter 8:  Sarbanes Oxley, Internal Control, and Cash Chapter 8 discusses the creation of the Sarbanes Oxley Act of 2002.  The act is commonly known by the acronym "SOX."  The act established the Public Companies Accounting Oversight Board.  This board is sometimes known as the "Peek-a-Boo" which serves as what may be a very appropriate acronym.  Please let us know why the Public Companies Accounting Oversight Board has come to be known as the "Peek-a-Boo."  Please use the link below to access the Sarbanes Oxley Act of 2002 and include it. http://www.soxlaw.com/ (Links to an external site.)

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S8-1 Definition of internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency and ensure accurate records. Which objective is most important? Which must the internal controls accomplish for the business to survive? Give your reasons.

> Exercises E8-12 Understanding the Sarbanes-Oxley Act and identifying internal c strengths and weaknesses The following situations suggest a strength or a weakness in internal control. a. Top managers delegate all internal control procedures to the accounting department. E8-14 Learning Objective 1 b. Accounting department staff (or the bookkeeper) orders merchandise and approves invoices for payment. c. Cash received over the counter is controlled by the sales clerk, who rings up th sale and places the cash in the register. The sales clerk matches the total recorded by the register to each day's cash sales. d. The employee who signs checks need not examine the payment packet because be is confident the amounts are correct. ES Requirements 1. Define internal control. 2. The system of internal control must be tested by external auditors. What law or rule requires this testing? 3. Identify each item in the list above as either a strength or a weakness in internal control, and give your…

Q-3 The role of internal audit is to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively. ABCD Limited is concerned about its Internal Audit (IA) function. Recently, ABCD Limited is expanding and reorganizing its Internal Audit (IA) function. Currently the Director of Internal Audit, Shuja Mehboob, reports to the corporate controller, who receives and reviews all internal audit reports. Mehboob forwards copies of the internal audit reports to the audit committee of the board of directors and to the manager directly responsible for the function being audited.   An issue of contention among the management team pertains to which department or function the Director of Internal Audits should report. Martin Stevens the CEO wants to ensure that ABCD Limited complies with the SOX and that the internal audit department is structured such that it strengthens the company’s internal control system. Also, an…

Chapter 15 Discussion, 1. Research for entry In section 4 of this chapter we looked at “Why Accounting Information is so Important". One of the topics in that section was “Accounting Fraud". Famous Accounting Scandals The following firms have been convicted or accused of accounting fraud: Enron, Lehman Brothers, Fannie Mae & Freddie Mac, and AIG, to name just a few. Using an internet search engine, find information on a recent accounting scandal. • Title of your entry should include the name of the company, and the date or timeframe of the scandal, the more recent the better. Consider some of the following to guide your entry: • Summarize what this firm does, and how/why they got into trouble. • what type of questionable accounting practice occurred in this firm • what were the consequences for this firm and the executives involved in the scandal • how were the public/investors/economy affected by this firms dishonesty • Document cited works and all references, links are ассеptable.

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Defining internal control Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate accounting records. Requirements 1. Which objective do you think is most important? 2. Which objective do you think the internal controls must accomplish for the business to survive? Give your reason.