1. Inform the hot seat of any(prenominal) new intrinsic injection requirements if the company decides to go public. (7 points) Internal controls are mechanisms, policies, and procedures used to fall and monitor operational risks. In order to deter employees from committing a dishonest or fraudulent act the controls must be thorough and comprehensive. However, internal controls by themselves are non enough. They will be effective only if they are reinforced by the computer address unions culture, policies and procedures, information systems, training, and supervision of staff. The first objectives of internal controls are to: ? Safeguard assets and member savings; ? assure the capability and effectiveness of the operations; ? Assure the reliability and completeness of fiscal and perplexity information; ? Prevent fraud and mistakes; and ? Ensure that conformism with relevant laws and regulations. Internal controls can be broke shovel in into two cate gories- be and administrative controls. These two categories are non mutu every last(predicate)y exclusive; some of the procedures and records involved in accounting control also apply to administrative control. 2.
Advise the hot seat of what the company is doing right (they are doing some things well) and also calculate to the President whether or not they should buy the indelible bespeak machine. When you advise the President, please be sure to reference the applicable internal control principle that applies. (13 points) . I will analogous to applaud you, The President of LJB Company, for wanting to be aware of any new regulations required ! of your company if you decide to go public. On behalf of the company you explained the current system of internal controls to your colleague. I call back it is incredibly important that you have an accountant who serves as financial officer and Controller which streamlines many of their processes. And in this dual role, he purchases all of the supplies and pays for these purchases. He also receives the...If you want to get a ripe essay, order it on our website: OrderCustomPaper.com
If you want to get a full essay, visit our page: write my paper
No comments:
Post a Comment