...Checklist For Internal Control Hector A Valentin Cordero ACC 544 August 29, 2011 Robert Cornett, Instructor Table of Contents I. BUDGETS AND PLANNING 3 A) SEGREGATION OF DUTIES 3 B) PROCEDURAL CONTROLS 3 II.CASH 4 A) SEGREGATION OF DUTIES 4 B) PROCEDURAL CONTROLS 4 III. INVESTMENTS 6 A) SEGREGATION OF DUTIES 6 B) PROCEDURAL CONTROLS 6 IV. REVENUES AND RECEIVABLES 7 A) SEGREGATION OF DUTIES 7 B) PROCEDURAL CONTROLS 7 C) BILLING/REMITTANCE VERIFICATION 7 V. GRANT AND ENTITLEMENT MONITORING 9 A) GRANTS 9 B) Do ENTITLEMENT controls include the following? 10 VI. CAPITAL ASSETS 10 A) SEGREGATION OF DUTIES 11 B) PROCEDURAL CONTROLS 11 VII. PROCUREMENT AND PAYABLES 12 A) SEGREGATION OF DUTIES 12 B) PROCEDURAL CONTROLS 12 VIII. EMPLOYEE COMPENSATION 13 A) SEGREGATION OF DUTIES 13 B) PROCEDURAL CONTROLS 14 IX ELECTRONIC DATA PROCESSING 14 A) SEGREGATION OF DUTIES 15 B) PROCEDURAL CONTROLS 15 X. FINANCIAL REPORTING 16 A) SEGREGATION OF DUTIES 16 B) PROCEDURAL CONTROLS 17 INTERNAL CONTROL CHECKLIST Inventory of Specific Areas for study and evaluation of financial accounting internal controls I. BUDGETS AND PLANNING A) SEGREGATION OF DUTIES 1) Are responsibilities for budget preparation, adoption, execution, and reporting each assigned to different staff members?B) PROCEDURAL CONTROLS 1) Do personnel responsible for budget preparation: a) Have an awareness of budgets and budgetary...
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... 3 Information Systems Table 4 Information Systems Overview Summary 5 Proposal Keeping it Spinning Records will give a wide range of customer’s different types of music that they can purchase. Whether it is from the past, present, country, hip hop or opera, keeping it spinning records will touch every type of music lover. Not only will we be able to sell brand new products in our store, we will also give customers a chance to sell some of their unwanted music to us. The business will be a sort of recycling music business constantly having what the competitor does not. We will offer products online for customers that would like to download our music to their MP3’s or computer for a small price. This way we are cornering the market on all opportunities from face to face sales to our internet sales. If we want our business to be successful there are a few different types of information systems that will assist us in the following functional areas: * Create activity reports * Track credit card sales * Handle payroll processing * Assist with maintaining the record stores’ budget The information systems will help us make our business successful against our competitors as long as we stay true to our plan. Information Systems Table TYPE | FUNCTION | EXAMPLE | Management Information Systems | Produces reports summarized from transaction data | Drafts reports on total sales from each customer | Expert System | Mimics human expertise...
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...resources / payroll cycle, and financial report in order to keep the firm competitive. Revenue (sales to cash collection) cycle Innovative Changes Install invoiceless billing Company’s can enhance their revenue cycle by offering invoiceless billing or auto-draft. The instant benefits that a company could see would be cost savings from postage and print charges but also lower transaction fees charges to intermediaries like Visa/Mastercard etc. s. Additional benefits include a quicker turn around time for accounts which enables management to make better forecasting assumptions. Setting up the systems that allows for auto draft is only practical if you get consumers to adhere to it. Verizion Wireless iniated an ill advised plan to charge consumer’s $2 a month if they did not sign up for autodraft, the following week the rescinded the policy after consumer pushback. Companies must build poilicies and campaigns to entice consumers to agree with auto draft. Policies should focus on security and protecting consumer information as consumer will be reluctant to give account information out for fear it may be disclosed to unwanted parties. Companies also must train staff on billing disputes and processes. Contols such as validity checks can be programmed into the system to assure the correct draft is scheduled to the correct account. Real-time Credit Approval-Credit Manager System Installing a system that allows...
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...Logical Design and Physical Design CMGT 555/ Systems Analysis and Development Throughout the whole process of system development, there are designs that take place before any coding or setup takes place. During this time, phrases like logical design and physical design get tossed around a lot, but what are they and what do they mean? In short, the logical design defines what must take place, not how it is accomplished. The logical design is like a set of blue prints, it describes the actual processes of entering, verifying, and storing data. In this paper we will explain when logical designs and physical designs are used, what design information a logical design and physical design contain and any similarities or differences. Figure 1. Example of Logical Model and Physical Model for an ERD Relationship Diagram (Compare Logical and Physical ERD, 2009) The direct definition of a logical design “is the Conceptual Blueprint of a software application, illustrating entities, relationships, rules, and processes (Thibeault, 2011)”. So what is the logical design is used for? The logical design contains all the business entries, what each entries attributes are, and relationships among entries. Now the logical design to some is misleading because they often confuse it with detailed technical design, even though the goals for these two are not similar at all. Now when do we use the logical design? That question is simpler to answer; it usually starts during the requirements...
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...money, neither pro-football players nor owners are easy to root for. The owners are rich enough to begin with, and the players, though they take part in a violent game that risks their long-term health, are compensated handsomely. To further complicate the legal struggles of billionaires vs. millionaires; both players and owners are competing for human capital by trying to capture the loyalty of the fans. They do this fully aware that the $9 billion dollars they are wrangling over comes from the fans. The same Fans who attend games, buy jerseys, and sit-through television ads. Do this with the expectation that everyone plays by the same rules, and that the game they love, will be back next year. “For many years, the collectively bargained system—which has given the players union enhanced free agency and capped the amount that owners spend on salaries—has worked enormously well for the NFL, for NFL players, and for NFL fans.” Goodell’s first argument is clear, that the status quo has worked out “enormously well” for every party involved. Unfortunately this argument is problematic, given that it was actually the NFL whom decided to opt out of the collective bargaining agreement (CBA). In 2008 the Owners voted unanimously to exit the CBA after the 2010 season, even though the 2006 extension would have been valid through the 2012 season. The Owners shortened the deal by two years because they believed the players were receiving too much of the NFL’s adjusted gross revenues. From...
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...Apollo Checklist | | | | | | | | | Section | | Page | To Do – Yes/No | WP Reference | Blackboard Template Available – Yes/No | Description of To Do | | Other Notes | Planning | | 6 | Yes | GA-1 | No | 2. Draft Engagement Letter using the sample letter from the previous auditors in Blackboard. You will need to type this in word from scratch. You will need to make appropriate changes as needed and as discussed in class. | | | Planning | | 6 | Yes | GA-2 | No | 3.Draft short staffing requirements memo | | | Planning | | 37 | Yes | Varies | Yes | Note you do not need to search for audit programs – Refer to Blackboard for Audit Program Templates that are included with each audit area. You will need to reference and sign off each audit step as required (note that all audit steps provided in the audit program may not be needed.) | | | Planning | | 38 | Yes | GA-3 | Yes | Draft workpaper for the notes and information obtained from the 2011/2012 minutes (as discussed in class) | | | Planning | | 42 | Yes | A-1, A-2 etc | Yes | Trial Balance numbers for 2011 and 2010 9pages 43-44 are already input into the excel worksheets to use as a trial balance template | | | Planning | | 45 | Yes | A-1,A-2 etc | Yes | Use excel trial balance worksheets to calculate analytics as we demonstrated in class. You must complete items 1a and b. Financial Statement and changes and financial ratios Also, we completed item 2 - using items {a}–{j} but not in memo...
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...be apparent. Resistance to management Resistance to idea of change – based on past track record Organizational structure Resistance due to lack of communication Lacey postulates “[In the unfreeze stage], the right style of leadership is paramount and transformations need to be led by a person who has a clear vision, a long term perspective, challenges the status quo, focuses on people and inspires trust. Bennis (1994) and Kotter (1996) emphasise that major change has to be led, rather than managed.” The 2. Based on the previous failure of ERP as it had to be customized for each department and for individual employees Lack of communication - The objective was to move from a manual, paper-based monitoring and payment system to one that was automated by a single piece of software. For a company of NYB’s size and complexity, this was a monumental project. (P3) o Instillation of this software required a re-vamping of all work processes to adhere to “best practices” o Internal conflicts derailed the process – example, • employees in the finance department refused to change the way they managed the monthly budgeting process. The finance managers downloaded spreadsheets emailed to them by different business units, assembled the monthly forecast,...
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...Higher Diploma in Systems Analysis Applied Systems Analysis Assignment: The TDC Construction Company Requirements Determination and Analysis The TDC Construction Company Requirements Determination: Analyse of the conduct of the interview: In general, what is your view of how the interview was conducted? Generally the interview was reasonably professional if a little rushed. The good points were: Inez begins well by reviewing the company’s business objectives which she has a grasp of from previous contacts with the company. There seems to be a good understanding on business matters between Inez and Gerry. She ensures that she has a firm understanding of many of the facts that she gathered. E.g. “Now, I understand one of the general objectives of the new information system is to be able to extract reports and inquiries on demand from any browser on a PC, laptop, Blackberry or PDA”. She pauses to jot some details of those facts down The bad points were: Inez seems to have her eye on the clock and she avoids going into detail on some of the new areas of business that Gerry wants in the new system e.g. the company’s proposed environmental specialist division, is not analysed by Inez. She also does not analyse sufficiently the Safety System. At times she does not seem to be listening to Gerry. Gerry talks about the environmental area more than once, but she does not to pick up on it sufficiently. However, to be fair to Inez, at the end of the interview she does say...
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... Table of Contents Intro I Information Systems Table II Conclusion III Intro The Hot Red Record Store offers thousands of music records. The record store sales records written by songwriters from all over the country and we specialize in rare record hits that are hard to find. Consumers come to our store when they are unable to locate a record. Not only do we offer thousands of music records, but our consumers also have the ability to record and download music to any electronic device such as an Ipod, Iphone, or Laptop. In order for the business to operate in a smooth operating manner, increase profits from record sales, and stay ahead of competitors we utilize different types of information systems that support the record store in the following functional areas: • Management Information System • Office Automation System • Transaction Processing System • Functional Area Information Systems • Increasing and Retaining the record stores’ budge Information Systems Table |TYPE |FUNCTION |EXAMPLE | |Management Information Systems |Produces reports that are summarized from transaction data |Drafts reports on total sales from each | | ...
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...arrangements and set its own pay system, there are a number of constraints on its freedom of choice. These include financial constraints, labor market constraints, employee expectations and occupational arrangements. Construct a Cost-Benefit Analysis matrix for an organization that is considering replacing its internal payroll system with a payroll outsourcing service. Include direct and indirect revenue enhancements and direct and indirect cost reductions. "As software tools become easier to use and vendors start to focus on smaller businesses, a shift is taking place. Enterprises are finding that payroll, the process that gave birth to BPO (business process outsourcing), can often be done better with more flexibility and less expense in -house" (Musich page 19, 2002). The payroll service that any organization chooses should offer a number of different ways to pay the employees. Service should also be able to handle payroll setup for new employees, payroll report and PTO accrual and tracking usage. Intuit payroll system has been rated the gold award winner as the best payroll system in 2015. When conducting a Cost Benefit Analysis, the organization must take a look at the cost of that the new software will bring compared with the benefits of having the system. Cost include the actual price of the software, the cost of installation, user training and the annual maintenance. The benefits that the organization is looking for from the software is will this system be more efficient business...
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...s e c TIo n client acceptance C a s es inC lu de d in t his se Ction 1 3 1.1 Ocean Manufacturing, Inc. . . . . . . . . . . . . . . . . . . . . . . The New Client Acceptance Decision InsTrucTor resource Manual — Do noT copy or reDIsTrIbuTe InsTrucTor resource Manual — Do noT copy or reDIsTrIbuTe ocean Manufacturing, Inc. The new client acceptance Decision ins tr uC t ional o b je C t ive s [1] To c a s e 1.1 Mark S. Beasley · Frank A. Buckless · Steven M. Glover · Douglas F. Prawitt help students understand the process of considering a new prospective audit client and the factors that auditors commonly consider in making the acceptance decision. [2] To give students experience in computing and interpreting preliminary analytical procedures commonly used in obtaining an understanding of a prospective client during the client acceptance decision process. [3] To raise issues relating to auditor independence in the context of client acceptance, both in terms of financial interests and the provision of non-audit services. To illustrate the subjective and sometimes difficult nature of the judgments involved in the client acceptance decision, and to give students the opportunity to justify a recommendation on client acceptance in the presence of both significant positive and negative factors. [5] To help students understand how information gathered in the client acceptance process can help the auditor in planning the audit if the client...
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...Learning Team A: Lisa Laurenzo, Bambi Snyder, Oscar Paulino, & Edsel Abreu Audit Proposal ACC/542 Accounting Information Systems Instructor: Anita Rodriguez Audit Proposal Kudler Fine Food has expanded their business and has updated their computer systems to meet demands. As IT information is adopted within the organization, automation control processes have become more virtualized. To ensure that KFFs computerize systems function properly an audit must be performed on an annual basis. Management at Kudler Fine Foods wants to see the proposed audit schedules for all systems. Management wants to know the types of audit and how they will be conducted. In addition, management would like to know about events that might prevent reliance on auditing through the computer. There are four types of IT audits: attestation audits, findings and recommendations audits, SAS 70 audits, and statement auditing standards (SAS) 94 audits. During an attestation audit, the auditor provides assurance the client is responsible for something. After the responsible party makes the assertion of a letter to the auditor, the auditor begins the audit of the company. The auditor examines, reviews, or performs an agreed-upon procedure (AUP) and provides a written report to the responsible party on their findings. The AUP report is usually a negative assurance report stating what it was asked to do and any findings to provide feedback to the user. The SAS 70 audit stands for the “State on Auditing...
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...1. How can you build a good relationship with your boss/manager/superior? Answer: a. Put yourself in your boss’s shoes. Figure out the challenges your boss will encounter that day and be prepared to offer solutions. Anticipate the questions that your supervisor may ask about your work or a project and have thoughtful answers or next steps for them to take. Thinking ahead can really show that you’re an invaluable team member. b. Show value. They hired you for a reason, so make sure that you’re adding value to the organization and/or position. Bosses want employees not only to agree with them, but also be willing to speak up about the realities and challenges in the business that need to be addressed. Be the person that speaks with facts, confidence and reasonable suggestions that produce results. This builds your boss’s confidence in you. c. Know when and how to communicate with your boss. Learn how your supervisor likes to communicate and receive communication, and mimic this style. d. Ask for feedback. Don’t be afraid to ask your boss for feedback. Don’t assume that your work isn’t valued because your manager is juggling multiple deliverables and not spending as much time with you as you’d like. e. Get to know your boss personally. You don’t need to be friends with your boss or hang out with them on the weekends. However, it couldn’t hurt to ask them how their weekend was, or find out what their hobbies and interests are outside of work. f. Offer to help. You should...
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...existing and needed business systems of Riordan manufacturing (Smith Services Consulting Inc., 2011). The management of Riordan Manufacturing has submitted Service Request SR-rm-012 – Business Systems to have Smith Consulting create a summary of the business systems needed for effective management. Technical Team Bravo will begin with an overview of the current systems that exist in the areas of Finance and Accounting, Payroll and Human Resources, Information Technology, and Sales and Marketing. For each area covered, Technical Team Bravo will describe the business systems and subsystems used, identify who uses them, identify interrelations between business systems and subsystems, and include any noted disparities. Technical Team Bravo will conclude with a summary of suggestions for a systems plan to improve management (Smith Services Consulting Inc., 2011). Accounting Systems Riordan Manufacturing currently has six Enterprise Resource Planning (ERP) and Manufacturing Resource Planning (MRP) systems throughout four locations. These servers are accessed at the local level by 16 clients (PC’s.) The current challenge to management is the disparate systems and inconsistencies with respect to reporting capabilities and collaboration. Management needs to consolidate these systems into one Cloud-Based ERP/MRP solution that can handle real-time inventory management controls, and comprehensive, robust reporting tools. The San Jose office has an ERP and MRP system that handles inventory...
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...Dismissal of Employee (Procedures) A. The supervisor or department head will prepare a memorandum to the HR department outlining the facts. Supporting documentation should be attached to the memorandum, including a summary of the employee’s position on the infraction. A draft of the dismissal form should also be prepared for human resource review. B. The supervisor and/or department head will review the facts in private with the employee involved and give the employee a copy of the dismissal form. The employee will be asked to sign the dismissal form to indicate that he/she received a copy. C. A record of the meeting, stating the facts that were reviewed with the employee will be noted on the dismissal form. If applicable, previous disciplinary action taken will be indicated on the dismissal documentation. The supervisor will submit a copy of the dismissal documentation to Human Resources to be placed in the employee’s personnel file. 1. The department will initiate a Clearance form on the dismissed employee to remove him/her from the payroll and to trigger notice of options relative to employee benefits conversion. 2. The supervisor is responsible for processing the employee out of the MTR system. Theft If somebody is found stealing from Asia Royal Hospital, he/she will be instantly dismissed and charges may be laid. If there is a suspected breach, Asia Royal Hospital has reserves the right to inspect and search the lockers or belongings. Abandonment of...
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