Acct 504 Case Study 2 - 1024 Words

Prepared for: The President of LJB Company October 5, 2014 Table of contents Introduction: _______________________________________________________________3 New internal control requirements: ______________________________________________3 What the company is doing right: _______________________________________________4 What the company is doing wrong: ______________________________________________5 Conclusion: ________________________________________________________________5 References: ________________________________________________________________7 Introduction: Internal control is one of the integral parts of an organization. It is a system which controls different types of risks,†¦show more content†¦The company should also focus on the segregation of duties in the organization so as to have proper distribution of the duties. The company should also focus on managing the cash properly. The company should also focus on prenumbering the documents and the check as it will help in reducing the likelihood of the unauthorized transactions and embezzlements, all the documents should be accounted in sequence periodically. Advising the President of what the company is doing wrong The company has to be very strict with the quality of the employees, they should strongly consider the checking the background information of the employees being hired as the company has lately witnessed the password and security theft. The company should also focus on bonded employees which has fidelity bond which is an insurance cover so as to protect the employer if the employee is dishonest. Internal control has different control principles, establishing responsibility focuses on allotting different tasks to a concerned person, like each sales person should have an individual sales register. Different controls on physical, mechanical and electronic should be exercised as this will help in reducing the unauthorized use of different resources, this is essential for safeguarding assets andShow MoreRelatedAcct 504 Case Study 21101 Words   |  5 Pagesuation-securitization/financial-accounting-reporting/ipo-spotlight/index.htm Kimmel. Financial Accounting. 6. VitalSource Bookshelf. John Wiley Sons, , Tuesday, November 27, 2012. http://devry.vitalsource.com/books/9781118233634/id/B7-2 [pic]Read MoreACCT 504 Case Study 21955 Words   |  8 Pagesï » ¿ Internal Controls: Requirements and Recommendations for LJB Company Prepared For: LJB President Prepared By: February 5, 2013 Table of Contents Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦3 Internal Control Requirements for Publicly Traded Companies†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦..3 Current Strengths in Internal Controls†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..4 Current Weaknesses in Internal Controls†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6 Summary and Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreEssay Acct 504 Case Study 21016 Words   |  5 PagesAccounting 504 Case Study 2 Keller Graduate School of Management Prepared by: Samara Ellison Prepared for: Professor Hicks 3 April 2013 To: LJB Company President From: Samara Ellison, Accounting Firm Subject: Evaluation of LJB Company’s Internal Control Structures Date: 3 April 2013 Hello LJB Company President: First, I would like to thank you for hiring my accounting firm to evaluate LJB’s internal controls system. This report will inform you of any new internal control requirementsRead MorePsy 100 Week 8 Assignment 2 – Adjustment Case Study – New Updated Work1210 Words   |  5 PagesPSY 100 WEEK 8 ASSIGNMENT 2 – ADJUSTMENT CASE STUDY – NEW UPDATED WORK To purchase this Click here: http://www.activitymode.com/product/psy-100-week-8-assignment-2-adjustment-case-study-new-updated-work/ Contact us at: SUPPORT@ACTIVITYMODE.COM PSY 100 WEEK 8 ASSIGNMENT 2 - ADJUSTMENT CASE STUDY - NEW UPDATED WORK Write a three to six (3-6) page paper in which you: 1. Summarize the two (2) articles you selected from the NPR Website. 2. 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