Mays couldn’t just put his own number in because the names of the employees are also there. It would stop multiple types of embezzlement. 4. The Report of Management on Internal Controls over Financial Reporting is the first report. This report is basically for the management of the company to make sure the internal controls set make the financial statements accurate. The second report is the Report of Independent Registered Public Accounting Firm Board of Directors and Shareowners. The purpose
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A charity organization need internal control to ensure that all the resources are properly utilized to achieve organization goals and varies projects. In order to reduce financial risk such as theft, internal control plays an important role. According to the case, the business process of nonprofit organizations is usually not well regulated. In my opinion, a nonprofit organization can implement the following controls to ensure transparency and accountability in its operations. 1. Segregation of
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Nortel networks is a giant corporate in telecom industry and as it is expected they also have faced the challenges come from the SOX act. Some of them are in favor and some are against the Nortel. ‘SOX’ has manipulated a larger impact on Nortel internal employee and external customers as well as their financial statement. The outcome of the Nortel is clearly different from before implementing the SOX. This paper is to find out the deeper understanding of SOX, how it governs the public corporate
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DESCRIPTION ACC 290 Week 5, 1- The control environment is the basis of the entire control system that the organization is establishing. The control environment is the value that is placed on integrity and the knowledge that unethical activity will not be tolerated. It is management’s responsibility to express behavior and attitude that enforces this ethical behavior. The control environment affects the internal control by setting a basis of control activities that safeguard assets, enhance
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Section 5 Audit Process: Audit Planning To Fieldwork Section 5 documents how the Office of the City Auditor complies with standards related to reasonable assurance, significance, audit risk, and planning. This section provides guidance on the how to apply those standards in conducting audits based on the Citywide Risk Assessment model or requested audits. Specifically, this section will cover the initial planning phase of the audit (preliminary survey) that begins with start the audit, preliminary
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Chapter 1 Multiple-Choice Questions |1. |Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial | |easy |information for decision making is commonly called: | |c |a. finance. | |
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Chapter 1 Multiple-Choice Questions 1. easy Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: c a. finance. b. auditing. c. accounting. d. economics. 2. easy In the audit of historical financial statements, which of the following accounting bases is the most common? c a. Regulatory accounting principles. b. Cash basis of accounting. c. Generally accepted accounting
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Course AC557:01: Internal Control Assessment and Design Unit 5 Final Project: Adelphia Introduction This case analysis is about the Adelphia Corporation fraud that was considered to be one of the massive corporate scandals in US history. This company did not receive as much television and news exposure as Enron and WorldCom, but the fraud the Rigas family had engaged in caused the company to sustain tremendous losses. Adelphia was considered a family owned business to the Rigas family members
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firms who render professional auditing services to clients. These services may involve financial statement audits, compliance audits, and operational audits. Internal auditors are employees of the companies they audit. They are involved in an independent appraisal activity, called internal auditing, as a service to the organization. Internal auditors are primarily concerned with
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Recommendation Brief for an Internal Accountant 1 Recommendation Brief for an Internal Accountant Kelsy Fee ACC/544 April 13, 2015 Professor La Ron Roach Recommendation Brief for an Internal Accountant 2 In this recommendation brief the benefits of hiring an internal accountant will be discussed. Having an internal accountant would help fix an out-of-control system and the justification of taking advantage of one will be included in this brief. Along with
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