Internal Control Essays Examples - Free Topics and Samples on Internal Control

The Internal Control System
The paper 'The Internal Control System' is a perfect example of a finance and accounting assignment. The internal control system which was missing and would help to reduce the chances of fraud are as improved monitoring: It is imperative that the restaurant looks at increased monitoring which can be achieved to a large extent. The process would help to verify the actual data and match the values. In case any discrepancy arises the same can be sorted out. The process can also be instigated by having ...
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Internal Control Weakness (Auditing)
Running Heading: Internal Control Weakness Internal Control Weakness Foot Locker INC. [Address] November 6, 2011 To: M. I. Supavizah From: [Your Name] Subject: To Report Internal Control Weakness in the Organization I am currently employed by your company, Foot Locker. And I am performing all my responsibilities effectively and efficiently. I am aware that the management of the organization is considerate about the internal control and internal audit. Apart from this, organizations is using Committee ...
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Significance of Internal Controls to an Organization
The paper "Significance of Internal Controls to an Organization" is a perfect example of a finance and accounting coursework. Catch me if you can an American crime comedy film which is based on Frank Abegnale. Frank has advance skills of over-organized fraud in different entities where he poses in a different position to perpetuate frauds such as payroll frauds. Frank majors on confident crimes in different firm’s which shows that most of the organization Frank reveal poor controls that ...
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The Study of Fraud Risk
The paper "The Study of Fraud Risk" is a wonderful example of an assignment on finance and accounting. The matter here is the breach of the bank loan covenant by Hotline since the key performance indicators will be at risk. Fraud risk The fraud risk is the risk of some individuals within the company who intend to misappropriate the refinancing for the company for their personal. Explanation The fraud risk is the breach of the bank loan covenant that is intended to fund the company operation. ...
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Four Main Objectives of a Corporate Activity
The paper "Four Main Objectives of a Corporate Activity" is an outstanding example of a finance and accounting assignment. The first objective is profit maximization. You find out that most corporations want to get profits. Therefore, they will look into ways in which they can increase their revenues and reduce their expenditure. The second objective is maximizing shareholders wealth. Shareholders are the majority owners of a company and their wealth depends on the dividends they receive. Therefore, ...
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Effective and Efficient Asset Management
The paper 'Effective and Efficient Asset Management' is a perfect example of a management assignment. Internal controls are a necessary tool for auditors since internal control assist in the safeguarding funds, provide effective and efficient asset management, and allow accurate financial accounting. Internal controls may not remove all irregularities and errors, but they can bring to the attention of the management in case of any potential problems thus making the auditors realize the main issues ...
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Auditing and Assurance Services
The paper 'Auditing and Assurance Services' is a great example of a Finance and Accounting Assignment. IT is apparent that the company uses the latest machine such as computer-aided design in managing their numerous assets and therefore there is a potential risk of virus infection in the system that might interfere with the company’s data (Zabihollah Rezaee 2009). The management of MTL provides a single password to account clerk, tiffany and George pose a threat to fraud since in case of fraud ...
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MyPet - Weaknesses in the Internal Controls Described, Computer Assisted Audit Techniques in Inventory Valuation
The paper “MyPet - Weaknesses in the Internal Controls Described, Computer Assisted Audit Techniques in Inventory Valuation” is a great example of a case study on finance & accounting. From the internal control system described in the MyPet case, the computer selects the supplier of both finished goods and raw materials based on the delivery time and the latest price from the recent invoice. This is a weakness of this system because the quality and reliability of the material or finished ...
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Keiner Merchandising Company Net Profit
 The paper “Keiner Merchandising Company Net Profit" is a thoughtful example of an assignment on finance & accounting. The main purpose of the internal control procedures is to ensure that an organization’s operations comply with the quality assurance standards of a firm. The objective is achieved through the maintenance of internal controls, which constitute peer reviews of financial statements and continuous performance appraisals. Record keeping of a firm’s assets ...
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Week 4 discussion and participation questions
DQ1 One of the inherent limitations of internal control is the people factor. In the Enron Scam the combination of the Enron executive management andinternal and external accountants’ collusion enabled a bypass of all the internal controls. The use an internal auditor is a technique that can be used to detect and prevent unethical behavior. A second limitation of internal control mechanisms is cost. A lot of small companies cannot afford to implement internal control practices due to the large implementation ...
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Accouting Information System
Case 5.1Miller fit with the average fraud perpetrator profile of the general public. This is because the researchers have found similarities between them. In addition, all fraud perpetrators commit crime because of the opportunity to commit crime, conceal crime and convert the proceeds. As well, white collar crime or not according to the findings of researchers the fraud perpetrators commit crime because of financial, emotional, and lifestyle pressures and they all rationalize their behavior as an ...
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The Controls in the Organization
The paper 'The Controls in the Organization' is a great example of a management assignment. To prevent fraud from occurring, the non-profit government organization should strictly adhere to the rules and regulations of internal control. Internal control involves the adoption of procedures and methods in an organization. It is aimed to safeguard the assets of the organization, to ensure that the financial information prepared in the organization is reliable and accurate, ensure that the organization ...
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Lessons Learned From Litigation
Lessons Learned From Litigation An audit refers to the topmost financial ment service offered to by accounting firms. Over the years, accounting firms have been entrapped in various litigations citing unprofessionalism and overstepping established auditing standards. Consequently, the public, including investors, has become skeptical about the accounting profession. In the wake of major accounting and audit firm failures including Enron and Andersen case, the urgency of reviewing audit standards ...
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Audit Risks of Melbourne Automobile Company
The paper 'Audit Risks of Melbourne Automobile Company" is a good example of a finance and accounting case study. The Australian Auditing Standard (ASA) 315 was developed with reference to the International Standard of Accounting (ISA) 315. The two standards require: ASA 315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement, while ISA 315: Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment. ...
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Audit and Audit Strategies
Inherent risk during auditing refers to the risk that an important financial misstatement will happen and the management of the business or firm takes to measures to control it. A detection risk to an auditor refers to the risk that a material misstatement has occurred in the financial statements of a business or firm but the tests or procedures established by an auditor to detect and assess those risks have not been able to identify those material misstatements. Control risk, on the other hand, ...
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Toyota Crisis and the Recommendations Needed for Improvement of Risk Management
The paper 'Toyota Crisis and the Recommendations Needed for Improvement of Risk Management" is a good example of a management case study. Companies today are characterized by a divisive and interdependent environment that increases business risks (Hopkin, 2014). The top risks facing companies today include damage to reputation, economic slowdown, increasing competition, regulatory changes and cyber-crimes. One company that has suffered the damage to reputation is Toyota Corporation. In 2009, Toyota ...
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Design a Proposal of Apollo Shoes Casebook
RUNNING HEAD: Apollo Proposal Apollo Proposal for Cash, Accounts Payable and Cash Disbursements in APA Style During the 2007 audit of Apollo Shoes, Inc., several areas of improvements were noted on Apollo’s cash receipts and disbursements systems. These are described in the succeeding paragraphs with recommendations on how to improve these areas. On cash receipts, the proposed recommendation is to conduct a review of the bank reconciliations statement to ensure that all reconciling items are properly ...
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Accounting Theory and Analysis - Essay
CORPORATE GOVERNANCE & CORPORATE FAILURE Introduction & Corporate Failure Corporate Governance is a system through which a company is directed and controlled (Tricker and Tricker 2002). It provides guidelines through which an entity can achieve its objective and avoid corporate failure. Normally, all corporate governance codes provide guidelines in many areas such as internal controls, constitution of board, and performance management etc (Fernando 2009). There is no universal definition available ...
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Individual Project
1.0 IntroductionThe highly competitive business environment in the global market has contributed to some corporate executives involving in financial statement fraud in order to redeem the face of the organization before potential investors, and attract new clients. The rate of financial statement fraud within organizations has gone high and is still increasing. This can be seen from highly publicized fraud cases in major world companies such as Enron, Xerox, Global Crossing, WorldCom, and SunBeam. ...
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What Is the Function of Audit from a Corporate Governance Perspective
The paper "What Is the Function of Audit from a Corporate Governance Perspective" is an outstanding example of a finance and accounting assignment. An effective audit function can play a significant role in demonstrating a company’s good corporate governance. It embraces varied concepts such as risk assessment, monitoring financial and operational controls, and compliance. The auditor does not have direct corporate governance responsibility but rather provides a check on inappropriate accounting ...
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