...Chief Petty Officer Fountain is nominated for the Navy and Marine Corps Commendation Medal for meritorious service as a Maintenance Control Chief Petty Officer and Armament Branch Leading Chief Petty Officer at Strike Fighter Squadron ONE TWO FIVE (VFA-125) from April 2016 to March 2018. He displayed sustained superior leadership and performance emphasizing his total commitment to mission accomplishment and subordinate development. His unparalleled aviation maintenance expertise and dedication to professionalism ensured the command surpassed all Naval Aviation Maintenance Program requirements while standing up the Navy's first F-35C Fleet Replacement Squadron. Through his diligence and leadership, the squadron attained Safe-for-Flight status, leading the way for a successful training pipeline for all future F-35C pilots to the fleet. Specific accomplishments include: He has consistently set the standard of professionalism for 204 Sailors and 30 Lockheed Martin contractors. Within months of reporting aboard, he led efforts to establish 38 maintenance programs, seven Quality Assurance Representatives, 23 Collateral Duty Inspectors, and 491 required qualifications to ensure VFA-125 was prepared to operate immediately upon aircraft delivery....
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...to follow. The more complicated the system, the greater the chance that something will go wrong or that someone will make a mistake. Remember, the legal responsibility for financial management lies with every member of your management committee and not just the treasurer. Your management committee and members must know who is responsible for the financial tasks in the organization and these should be clearly defined in your trustees' written roles and responsibilities Financial controls Which accounting system? Reserves Budgeting Cash flow Book keeping Petty cash Bank reconciliation Finance reports Annual accounts Glossary Financial controls are the written rules and procedures for financial control and management that all organizations should have. Financial controls should cover, for example, who can sign cheques, who maintains the cash books, and how petty cash is administered. Some of these rules will be laid down by the constitution (or, in the case of registered companies, memoranda and articles of association) and others may simply be unwritten understandings, or ways of working traditionally adopted by the management committee or staff of the organization. Accounts can be simple or complex it's usually best to keep them simple. Simple accounts are sometimes called ‘cash accounts’ or ‘receipts and payments accounts’. This system only recognizes money received or paid out when it takes place. The basic rule is: if it happened...
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...Page 335 Quick Study 8-6 1. For each of the following items, indicate whether its amount (i) affects the bank or book side of a bank reconciliation and (ii) represents an addition or a subtraction in a bank reconciliation: a. Outstanding checks- affects the bank side and represents a subtraction in a bank reconciliation b. Debit memos- affects the book side and represents a subtraction in a bank reconciliation c. NSF checks- affects the book side and represents a subtraction in a bank reconciliation d. Unrecorded deposits- affects the bank side and represents an addition in a bank reconciliation e. Interest on cash balance- affects book side and represents an addition in a bank reconciliation f. Credit memos- affects the book side and represents an addition in a bank reconciliation g. Bank service charges- affects the book side and represents a subtraction in a bank reconciliation 2. Which of the items in part 1 require an adjusting journal entry? *The items in part 1 that require an adjusting journal entry would be interest on cash balance, NSF checks and bank service charges. Page 336 Exercise 8-3 Bemis Company is a rapidly growing start-up business. Its record-keeper, who was hired one year ago, left town after the company’s manager discovered that a large sum of money had disappeared over the past six months. An audit disclosed that the record-keeper had written and signed several checks made payable to her fiancé and then recorded the checks as salaries...
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...contacts for the audit 5. Obtain permission to access relevant information like: * Organizational chart * Relevant reports utilized by the auditee * Strategic documents 6. Prepare and review the internal control questionnaire: * What is the Al Fresco’s perceived internal controls strengths and weaknesses? 7. Inquire of the auditee as to whether any relevant process flowcharts exist. If not, consider developing one for the permanent file. II. Fieldwork First Objective: To ascertain whether the use and recording of petty cash funds are accurate. 1. Conduct a walkthrough of the process to determine if there are any design issues and to verify that procedures exist. This should be completed by inquiry and observation with the process owner and staff. 2. Perform testing of balances to evaluate the effectiveness of the control. 3. Steps to be performed: * Ask whether an accurate petty cash voucher is...
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...Petty v. Metropolitan Government of Nashville and Davidson County HRM 510: Business Employment Law Dr. Moore May 15, 2011 The Uniformed Services Employment and Reemployment Rights Act (USERRA) of 1994 provide employment protection of National Guard and Reserve military personnel. This legislation protects military veterans and reservists' rights with respect to their civilian jobs and benefits, and outlines employee, and employer responsibilities as well (Lundin, p. 20). Additionally, the law requires employers to refrain from discrimination in hiring, re-employment and benefits because of an employee's military service or connection (Lundin, p. 20). Although the USERRA has been effective in protecting the employed military member, it requires some work in the area of hiring new employees. Simply because of their military status, many qualified job applicants are often passed-over, it is an unlawful practice but very hard to prove by the Reserve/Guard member. Simply put, there are thousands of veterans unable to secure employment because it is too easy for the employers to select other non-military recruits. In the case of Petty v. Metropolitan Government the company was accused of violating this legislation. 1. What were the legal issues in this case? The legal issues in this case involved the treatments of Petty, a former Police Officer who left the Metro Police Department for active duty with the United States Army. Upon his request to be reinstatement, Petty...
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...Leadership: Petty Officer Brown is a highly trusted and valued member of the NED. He is constantly looking for ways to positively promote the unit and the Coast Guard. Petty Officer Brown has proved himself to be a competent...
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...company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The President is waiting to hear from you if this is a necessary purchase before authorizing. On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for the weekend, he will move the checks into a safe in his office. The President is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company computer. He later found out this individual was a convicted felon who...
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...company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The President is waiting to hear from you if this is a necessary purchase before authorizing. On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for the weekend, he will move the checks into a safe in his office. The President is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company computer. He later found out this individual was a convicted felon who...
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...colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the president of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as treasurer and controller, which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant also interviews and approves of all the new hires. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The president is waiting to hear from you if this is a necessary purchase before authorizing. On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for the weekend, he will move the checks into a safe in his office. The president is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company...
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...company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash. The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The President is waiting to hear from you if this is a necessary purchase before authorizing. On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for the weekend, he will move the checks into a safe in his office. The...
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...Internal Control and Bank Reconciliations/Problems 8-1A and 8-3A Karena Busch ACC/225: Financial Accounting April 24, 2011 Madonna Akins-Box Internal Control and Bank Reconciliations/Problems 8-1A and 8-3A Problem 8-1A: Analyzing Internal Control. 1. The principle of internal control that is violated would be that there should be separate record keeping and custody over the assets, since Heather handles the cash receipts from the customers, someone else should do the recording to their accounts. 2. The principle of internal control that is violated is that no one has established responsibility to one another. Jeff and Jose need to divide responsibility for each related transaction. They should count the cash register when Jeff goes to lunch and once again when he returns from lunch, that way it is known what is paid out, to who it is paid to, and to be confident the books will balance correctly during Jose’s shift. 3. The principle of internal control that is violated is the “asset” is not safeguarded. When Nadine backed up the computerized accounting system to a tape, she needs to store this in a separate location/room and not in the same location/room; in case anything should happen to that location/room. 4. The principle of internal control that is violated is that Barto Sayles is not performing regular and independent reviews. Barto needs to perform regular, unannounced reviews, and bond his employees to make sure his employees are following his rules and...
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...Liquidity Ratios Current Ratio-Audited 2009 127,867/23,807= 5.37 2008 130,026/8,380= 15.52 Current Ratio-Unaudited 2009 128,867/23,807= 5.41 2008 130,026/8,380= 15.52 I disagree with the annual report because the audited and unaudited amounts are different and do not match on the financial statement. Quick Ratio-Audited 2009 81,782/23,807= 3.44 2008 79,517/8,380= 9.49 Quick Ratio-Unaudited 2009 81,782/23,807= 3.44 2008 41,851/8,380= 9.49 I agree with the annual report because both the audited and the unaudited amounts remained the same with no negative amounts. Days Cash on Hand (DCOH)-Audited 2009 148,559/9,198= 16.15/365= 0.04 2008 376,886/4,185= 90.06/365= 0.25 Days Cash on Hand (DCOH)-Unaudited 2009 149,559/9,198= 16.26/365= 0.04 2008 376,886/4,185= 90.06/365= 0.25 I agree with the annual report because both the audited and the unaudited amounts remained the same with no negative amounts. Days Receivables-Audited 2009 59,787/459,900= 0.13/365= 0.0004 2008 37, 666+87/418,509=0.09/365= 0.0002 Days Receivables-Unaudited 2009 59,787/459,900= 0.13/365= 0.0004 2008 37, 666+87/418,509=0.09/365= 0.0002 I agree with the annual report because both the audited and the unaudited amounts remained the same with no negative amounts. Some of the amounts on the audited financial statement and the unaudited financial statement were different and did not match but several thousand dollars. The Patton-Fuller Community hospital needs to hire a financial...
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...Guide to Internal Controls Table of Contents Overview – Fiscal Responsibility: Campus Philosophy on Fiscal Responsibility Key Concepts of Internal Control Components of Internal Control Suspected Theft or Misuse of University Assets Key Internal Controls: Segregation of Duties Reviews by Management Reconciliations Approvals Assets Bank Accounts Petty Cash Cash, Check, Credit Card Receipts Gifts and Endowments Disbursements Payroll/Personnel Accounts Payable Travel Human Resources Purchasing Contacts for Guidance Internal Audit: Role of Internal Audit Areas Frequently Evaluated by Internal Audit CAMPUS PHILOSOPHY ON FISCAL RESPONSIBILITY (Shared Responsibility for Maintaining Internal Controls) Every individual within the University has some role in effecting internal control, including each employee, manager, and supervisor, department head, dean, director, senior executive, President and Curator. Roles vary with responsibility. Managers are ultimately responsible for the appropriate use and control of the funds entrusted to them. Management is accountable to the Board of Curators, which provides governance, guidance and oversight, and is also at times accountable to the IRS and funding agencies of federal, state and private grants and contracts. (See Business Policy and Procedure Manual Section...
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...Prepared for LJB Company President Evaluation of Internal Controls Prepared by XXXX XXXXX xxxx@msn.com ACCT 591 Acct Fin: Managerial Use,Anlys XXXXXXXXXXXXXX September 12, 20xx DeVry University Table of Contents Introduction of Evaluation 2 New Regulations – Public vs. Private 3 Current Internal Controls – Good 4 Current Internal Controls – Need Improvements 5 Reflection 7 References 8 Introduction of Evaluation My accounting firm was asked to evaluate the LJB Company for evidence of Internal Control issues. It is also my understanding that your company, LJB Company, wishes to move forward and become a public entity. I’m pleased my firm can be of assistance in helping your company make this transaction. First, we must review any new rules or regulations that apply to private companies converting public. Good corporate governance within an organization may make a company more attractive to potential buyers, investors, and other capital sources. Under Sarbanes-Oxley, all public traded companies must follow a set of new controls. U.S. corporations are required to maintain an adequate system of internal controls. Corporate executives and boards of directors must ensure these controls are reliable and effective. As with any business, the transformation of going from a private to public requires some extensive planning and preparation. It is recommended LJB being a relatively small sized company in terms of its employees should re-evaluate the...
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...Preparing LJB’s Internal Control Reporting for Public Trading LJB System of Internal Controls Case Study February 5, 2012 Prepared by Background LJB Company, a small local distributor business that realizes in order to go public in the future, the company must be in compliance of the law and may need to adopt stronger internal control principles. At the President’s request, an independent internal assessment of internal controls was conducted to evaluate areas of strength and weakness. Objective The objectives of this report are to provide an assessment of the existing controls and make recommendations that will safeguard the companies assets and help produce the most accurate financial information. 1. Inform new internal control requirements if the company decides to go public. 2. Advise what the company is doing right. 3. Advise areas for internal control principle improvements. Requirements for publicly traded U.S. corporations “Under the Sarbanes-Oxley Act of 2002, all publicly traded U.S. corporations are required to maintain an adequate system of internal control, and independent outside auditors must attest to the system’s adequacy. Failure to comply can result in company fines and prison for officers. These internal controls will help reduce errors in the accounting reporting process, safeguard assets, in addition to possible efficiency gains in operations to ensure compliance with laws and regulation.”1 “Auditors are required to...
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