...“Struggle for control” Hemingway’s Margot and Faulkner’s Emily can both be contrasted for their motives of killing the men they once loved. In comparison, Margot and Emily were both similarly strong-willed characters in their own way. These two characters were not satisfied with the relationship they had with their husbands (Emily was not married). The unsatisfactory relationships they had ultimately led to the deaths of their partners. Margot and Emily desired the feeling of control, whether it is to have the power to control or the feeling of being controlled. Margot and Emily both needed to have a sense of control. Margot wanted to have the power in order to dominate her relationship with her husband. On the other hand, Emily was accustomed to the constant manipulation of her father. Each character had opposing motives and situations for killing their companion. Margo t’s reason for killing her husband Francis was the fact that he would soon gain control of their relationship. She did not want to lose dominance and control of their relationship. In the beginning of “The Short Happy Life of Francis Macomber,” Margot was in charge and did whatever she pleased. For instance, she openly slept with other men and managed to blame it on her husband’s weakness. Once Margot felt that she was about to lose control, she decided to kill Francis so that she would not look vulnerable. In contrast, Emily’s motive for killing Homer was to meet her personal need for her ideal...
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...managers a clear vision of targets to achieve in a year. (Montana and Charnov, 2000) Today Budgets are used by almost all companies as its use allows the managers to establish the objectives of the business in quantitative terms which is usually for a year. Budgetary control is a system of management control in which actual income and spending are compared with planned income and spending, so that you can see if plans are being followed and if those plans need to be changed in order to make a profit. (Financial Times) The major aim of any organization is to create wealth for their shareholders for that they need to make plans and the major plan for it is budgets. Budgets are also heavily linked to the strategy as budgets plan the future of an organization they must be implemented in the strategy of the organization. “A strategy can be viewed as describing how an organization matches its own capabilities and opportunity in the market place to accomplish its overall objectives.”(Bhimani 2012) The budget of an organization shows its financial capabilities and it must be prepared according to the long term strategy of the organization. This essay will hence examine the advantages and limitations of budgetary control and its effect on performance management. Organisations in the modern day comprise of many different departments that must have proper coordination and communication in order to achieve growth and profits. A budget is a mere translation of a company's strategic objectives...
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...Control- Defined as any process that directs the activities of individuals toward the achievement of organizational goals. Utilizing control effectively is how managers can make sure that activities are going as planned. Control is a means or mechanism for regulating the behavior of organization members. Left on their own, people may act in ways that they perceive to be beneficial for their selves or the organization they work for but that action may actually harm the organization as a whole. In some cases it’s just plain ignorance, individuals just don’t realize the overall costs of their actions. Thus, control is one of the fundamental forces that keep the organization together and heading in the right direction. Purpose- To ensure that activities are completed in ways that lead to accomplishment of organizational goals. * It can provide organizations with indications on how well they are performing * It allows an organization to adjust performance in order to keep moving in the right direction. Set performance standards Every organization has goals: profitability, innovation, satisfaction of customers and employees, and so on. A standard is the level of expected performance for a given goal. So set standards for any and all activities —financial activities, operating activities, legal compliance, charitable contributions, and so on. Measure performance It’s an ongoing process. Performance measures should be valid indicators (e.g. days absent...
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...Internal control plays a very important role in preventing and detecting fraud, also helps to protect the company’s resources and helps to achieve specific goals or objectives. The company, using internal control in compliance with Sarbanes-Oxley Act and regulations, looks more trustful and stable for investors. Internal control has five elements the company should consider before going public and everyone in the company has responsibility for internal control to some extend. The top managers of the organization set a “tone at the top” by making “clear that the company values integrity and that unethical activity will not be tolerated”1. The top managers review the way the personnel controls the business and how they establish policies and procedures. The top managers also have responsibility “to identify and analyze the various factors that create risk for the business and must determine how to manage these risks” . The risk management includes external and internal risks, analyzes the environment the company works in and predicts any factors that can influence business activities and profitability. It also includes right attitude, competence and monitoring of the risks to achieve stability and timely decisions. The main component of internal control is controlling activities. It helps to complete the internal control with a good communication and information system and periodical monitoring. In general control of activities includes: segregation of duties, establishment...
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...Per request of the President of LJB Company HS Accounting Firm has reviewed the company’s existing internal control mechanisms and provided answers to the president’s questions. This report advises the President on new internal control requirements, what the company is doing well, and identify what they are doing wrong. Additionally, review the proposed purchase of an indelible ink machine by the company. Internal Controls is so critical that the U.S. Congress has passed a law, The Sarbanes-Oxley Act, to require public companies or those going public, to maintain a system of internal controls and to require that their auditors examine those controls and issue audit reports as to their reliability (Harrison, 2013). Internal control is important because it prevents fraud or unintentional errors by accomplishing the following five objectives; safe guarding assets, encouraging employees to follow company rules, promoting operational efficiency, ensuring accurate and reliable accounting and complying with legal requirements. We at HS Accounting LLC have provided the following answers to the president’s questions. B. If your company decides to go public here are the New Internal Control requirements as mentioned in chapter 4, page 236. 1. Public companies must issue an internal control report; we must evaluate and report on the soundness of the company’s internal control. 2. The Public Company Accounting Oversight Board to oversee our audit reports. 3. We cannot be both...
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...Internal Controls Caryn Baret 3/13/2013 Jana Howie Internal Controls 3 Internal Controls Internal controls are safeguards that a company uses to protect their financial information. Their safeguards can be universally accepted or can be unique to one company. Internal controls center around the company's accounting information system, which is the primary function used for moving financial information around a company. Internal controls help many companies to direct, monitor, and measure the effectiveness of their accounting operations. Internal controls will often focus on limiting the abuse or fraud that may be made by employees. They also provide owners and managers with reasonable assurance that all the financial statements are done right, correct and on a timely manner. Owners and managers may use the internal controls to limit the number of people who can have access to the company's information systems. The will help limit the opportunity for any abuse on this information. The owners, managers, and supervisors may take the role when enforcing the internal controls, to keep them in charge of the information system. Internal controls are usually at the organizational and transaction level of the company’s information systems. Organizational level ensures the company will follow all the standards, law and regulations...
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...MEMO To: Andrey Simonov From: Vivian Jeansonne Subject: Internal Controls and the Auditing of Internal Controls Date: March 19, 2013 _________________________________________________ The Internal Control—Integrated Framework, published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), defines internal control as “a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations” (Douglas). Internal controls are a very important aspect of a business which involves people at every level of an organization working together to achieve the same objectives. The three categories stated above address the different needs of a company and allow a specific focus in order for these needs to be met. The most important internal control to implement is over financial reporting. This involves preparing the financial statements so that they are presented fairly and accurately based on generally accepted accounting principles and any other financial reporting framework used by management (Landes & Ratcliffe). Fair presentation is when the accounting principles chosen by management have general acceptance and are appropriate in the circumstances. Financial statements must also reflect underlying transactions...
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...Internal Controls Internal controls are a necessary part of any company. They are comprised of all the methods and measures used by a company to one of two things. (Wetland, Kieso, & Kimmel, 2003,) They either safeguard a companies assets from things such as theft or unauthorized use, or they help to enhance the accuracy and dependability of a companies accounts and records. This second use helps to ensure that fewer errors are made wither intentional or unintentional. Without internal controls, there would be a lot of room for mistakes that could potentially destroy a company. For example, accounts could be stolen from and manipulated or a simple calculation could be missed, upsetting the entire balance of the accounts. These internal controls help to ensure that these things do not happen. In 2002, congress passed the Sarbanes-Oxley act due to the rising amount of corporate scandals in the previous years. This act is often said to be one of the most important acts passed in decades because it allows companies to focus more on internal controls and give them more attention. The act is often calls SOX for short and it puts more pressure on the executives and directors to ensure that their internal controls are reliable and are working to the best of their ability. The act requires companies to have internal controls specifically for financial accounting including auditors and frequent assessments. This act also established the Public Company Accounting Oversight Board or...
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...Annals of the University of Petroşani, Economics, 11(1), 2011, 187-196 187 INTERNAL CONTROLS IN ENSURING GOOD CORPORATE GOVERNANCE IN FINANCIAL INSTITUTIONS KOSMAS NJANIKE, MARGARET MUTENGEZANWA, FUNGAI B. GOMBARUME * ABSTRACT: This paper assessed factors that influence the internal controls in ensuring good corporate governance in financial institutions in developing economies with special reference to Zimbabwe. The research paper assessed how lack of internal controls affected good corporate governance and aimed to bring out elements of good corporate governance. It emerged that failure to effectively implement internal controls contributed significantly to poor corporate governance. The study discovered that internal control system overrides and the issue of “fact cat” directors also contributed to poor corporate governance. The study recommended that there is need for the board of directors to guarantee an organizational structure that clearly defines management responsibilities, authority and reporting relationships. There is also need to ensure that delegated responsibilities are effectively carried out to ensure compliance with internal controls of the financial institution concerned. KEY WORDS: internal controls; corporate governance; ethical behaviour. JEL CLASSIFICATION: G21, G28; G30; G38. 1. INTRODUCTION The year period December 31 2003 to December 31 2004 witnessed the collapse of a number of financial institutions in Zimbabwe. This period witnessed a...
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...Controls for InformationTechnology and Reporting and Evaluation Julie Strange University of Phoenix ACC/544 Internal Control Systems Christina Yang October 24, 2011 Controls for Information Technology The success of a business is determined by how effective its managers are in managing risk. Therefore, acquiring effective risk management helps to protect the company from losses because of poor accounting practices as well as fraudulent activities. Using good controls protect managers from liabilities that may arise when certifying financial statements used in annual reports because when these reports are issued, they are also a reflection of the company’s internal controls. The internal control process begins with management and the attitude that management portrays through the company. Manager duties include implementing the policies and procedures used within the company, these policies and procedures are also used to build the structure which is found within the internal control environment. Internal Control Reporting Options An audit report has three general functions used to report a company’s financial statements. These reports indicate whether the financial statements are presented in conformity with generally accepted accounting principles. Auditors use their reports to highlight any unusual aspects of the audit examination, and the reports can be used to communicate useful information to decision makers that may...
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...Internal Control System Joseph Johnson Internal Control Systems ACC/544 (course) June 12, 2012 Abstract This report will question the need for an internal control system. With this report I will justify the need for the system when controls are in place with insurance and portfolio approaches. An internal control system is important to companies. Most businesses use the insurance and portfolio approaches to manage the risks that the business has within the company although other company’s use an internal control system. The following brief will describe each approach and what the benefits would be if they would use an internal control system. Current Approaches There are two approaches, as mentioned earlier, that are used with controls to prevent risks from happening within the company. These two approaches are insurance and portfolio approaches. The first approach is an insurance approach that protects the company’s investment. When a company purchases insurance it is used to protect them from a loss that may occur. Insurance is considered more of a financing tool instead of a management tool. This approach keeps the impact of the losses instead of protecting assets from the losses that come up. The portfolio approach is more structured because it provides context and helps with decision making. When using a portfolio approach it minimizes a risk while improving the investment of the company. This does not protect the investment from risk but improves...
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...Control activities Control activities are the actions established through policies and procedures that help ensure that management’s directives to mitigate risks to the achievement of objective are carried out. Control activities are performed at all levels of the entity at various stages within the business process, and over the technology environment. Principles * 3.1 The organization selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels. Risks regarding electricity * Increase in tariffs * Power cuts or load shedding * Consumers (community) ‘s loss of confidence in the municipality * Inability to maintain networks or power stations and keep in time with technological improvements * Installation of solar systems can also be a risk as this would affect the sales of electricity * Regulatory changes i.e environmental laws * Lack of competent staff * Financial challenges to maintain the system * Competition RISK | CONTROL ACTIVITY | CONTROL ACTIVITY TYPE | Increase in tariffs | Department of mineral and energy allocated funding for the rural electrification | | * Financial challenges to maintain the system * Inadequate operations and maintenance budget | Approved budget | Authorization | Inability to maintain networks or power stations and keep in time with technological improvements | Effective monitoring of system | Independent...
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...Internal Controls Megan Mitchell March 14, 2013 XACC/280 Paul Gomez Internal Controls 2 In order to maintain a company’s security and accuracy, a company will take all related measures and measures adopted within an organization in the form of internal controls. Internal controls are an essential way to maintain conformity with other company’s, to safeguard assets from employee theft, robbery and unauthorized use, and enhance accuracy and reliability of it’s accounting records (Weygandt, Kimmel, & Kieso, 2008). Since major company’s such as WorldCom and Enron were able to commit such extreme measures of fraud, in 2002, Serbanes-Oxley Act (SOX) was passed by congress to ensure company’s enacted internal controls and required them to maintain an adequate system of internal controls (Weygandt, Kimmel, & Kieso, 2008). The SOX requires that all companies must develop sound principles of control over financial reporting, continually verify that the controls are working, and an independent auditor must attest to the level of internal controls. There should be physical, mechanical, and electronic controls so that when jobs are segregated, there are more than one opportunity for a final verification of accuracy (Weygandt, Kimmel, & Kieso, 2008). In years prior to the SOX, the heads of companies did not pay very close attention to the many individual jobs that were necessary to maintain an accurate accounting system. When a business...
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...According to Steven Robbins and Mary Coulter control is the process of monitoring, comparing and correcting work performances. Whereas Henry Fayol believed that control consist of verifying whether everything occurs in conformity with the plan adopted, the instructions issued and the principles established. Thus control allows managers to carry out a plan which enables them to pin point any errors and carry out appropriate action to correct them. There are a number of controls still used by managers in various organizations. Some are feed forward control, feedback control and concurrent control. Feed forward controls also known as preliminary or preventive control applies to the regulation of resources coming into the organization. Feed forward control safeguards that these resources are up to the standards which are necessary for the transformation process. Feed forward controls are highly favorable by managers since they anticipate problems thus allowing managers to prevent the problems before they actually happen. However this control requires well-timed and accurate information which is often difficult to develop. Some examples are at St. Joseph's Hospital in West Bend, Indiana, a new facility was designed with identical rooms, nonslip floors, and glass walls to reduce errors in patient care and to increase employee safety. Also one can also consider a delivery company, where managers can confirm the delivery time before they leave, and check merchandise that they are...
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...Internal Controls XACC280 Internal Controls Internal controls are implemented for protection. There are two goals that are important aspects of internal controls to keep the company protected. Assuring that the company’s assets are protected is one goal of internal controls. Some examples would be: stealing, embezzlement, and misrepresentation. The next reason that internal controls are implemented would be to make sure all accounting documentation/records are being kept in the appropriate way. This is to make sure careless mistakes are not being made and to address them if they are. “The Sarbanes-Oxley Act came into force in July 2002 and introduced major changes to the regulation of corporate governance and financial practice. It is named after Senator Paul Sarbanes and Representative Michael Oxley, who were its main architects, and it set a number of non-negotiable deadlines for compliance. The Sarbanes-Oxley Act is arranged into eleven 'titles'. As far as compliance is concerned, the most important sections within these eleven titles are usually considered to be 302, 401, 404, 409, 802 and 906. An over-arching public company accounting board was also established by the act, which was introduced amidst a host of publicity” (2003). When the act was put into motion, its purpose was to address flaws in internal controls as they were. Its main implementation was to assure that the means a company uses to compile develop, and display financial information meets the appropriate...
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