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Transactional controls in procurement and payment cycle, accounting for inventory, capital acquisition and repayment cycle, and sales and cash receipt cycle.
Discuss how database systems along with their characteristics can help companies have an effective internal control system.
The nine features of an internal control system include (pick one that is relevant in this story and discuss in detail how it would have improved the scenario).
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weakness
Question: What are some major components of an internal control system? Are these components always necessary?
Question: What is the benefit of evaluating an internal control system in phases?
Discuss how internal control problems may have contributed to the failure of Tyco International.
(a) What 'red flags' do you see in the above description concerning DOM's control environment?
Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
- Imagine you are a company controller. - Identify the internal control reporting options.
Problem 1: Describe methods of evaluating performance to increase productivity and profitability
Smith Company, balance $4,000; Green Company, balance $2,500; and Koyan Company. During January, the following receivable-related transactions occurred.
What fundamental concepts are embodied in the definition of internal control?
What is the control environment? How does the control environment affect a company's internal controls?
As a new auditor for the CPA firm of Croix, Marais, and Kale, you have been assigned to review the internal controls over mail cash receipts of Manhattan.
Proof of banking transactions could also be verified through use of pre-numbered checks, deposit tickets, and bank statements.
Problem: Newell Company has the following internal control procedures over cash disbursements.
Share your organization's experience concerning components considered during cost-benefit analyses of similar control procedures?
From an auditor's perspective, having a good knowledge of such practices has a significant contribution to understanding the internal controls of organization.
Which of the following internal control procedures would prevent an employee from being paid an inappropriate hourly wage?
Internal control has gained increasing importance among management, external auditors, regulators, and others. Use a specific example that illustrates answers.
What were some of the factors that contributed to the situation, and what internal controls could have been in-place to prevent this fraud from happening?
Write a report in 700 to 800 words, justifying the need for the system when controls are in place with insurance and portfolio approaches.
He explains that he believes the board should deal with major policy decisions and not be burdened with day-to-day management problems.
Question: List and describe three specific internal control activities you have observed at work (current or past work experience).