First of all we would like to take the time out to say thank you for giving us the opportunity to serve you and your company. Our goal is ensure your company has all vital information before public access. Please see enclosed rules and regulations need to assist with your company’s migration towards public view.
Requirements for Internal Control are the company has to fill out and annual report on Internal Control over its financial reporting: * Statement of Responsibility by Company Management (the CEO and CFO) for establishing and maintaining an adequate internal control structure and procedures for financial reporting. * Statement identifying the framework used by management to evaluate the effectiveness of the Company's internal control over financial reporting * Management's Assessment of the effectiveness of Internal Controls over financial reporting * Attestation by the company's external auditor on Management's assessment of the effectiveness of the company's internal controls and procedures for financial reporting.
After reviewing the information provided, If LJB decides to go public then new internal control requirements should be evaluated such as, a control environment, risk assessment, control activities, information and communication and monitoring. This consists of all the related methods and measures adopted within an organization to safeguard it assets, enhance the reliability of it accounting records and increase efficiency of operations which ensure compliance with laws and regulations.
Mr. President, in my review seems your company is doing very well with different activities such as keeping the checks secure in a safe for security measures. This also helps protect the company funds and prevent theft from occurring. Another good activity I see is the start of pre-number invoices which help keep track of inventory. In pre-numbering it helps to prevent a transaction from being recorded more than once, or not being recorded at all, which is part of the internal control of independent internal verification. I would also strongly recommend that you purchase the indelible ink machine to print checks. This machine helps is part of the internal control procedure of using physical control. This machine eliminates fraudulent activities. I have also noticed that your company is not in compliance with the internal control in various areas. In order to establish responsibility you must assign duties to specific employees. Control is most effective when only one person is responsible for a given project. Having one accountant to serve as Treasurer and Controller violates the segregation of duties. Different individuals should be responsible for related activities, therefore, I recommend that you split the duties of the accountant and this will help various type of fraud from occurring. I see where all employees have access to the petty cash which violates the establishment of responsibilities of internal control. I recommend that you have one person over the petty cash and have a supervisor make surprise counts of the fund to confirm whether the paid petty cash receipts and fund cash equal the fund amount. This will help prevent theft of funds. On payday, the checks are picked up by the accountant and left in his office for pickup this violates physical control of cash disbursement. I recommend that you have the secretary hand out the check and have them sign
Korea is an “ideal” market for American fast food chains, however I do believe some limited success could be seen there with alterations to the products and services. 2. If you were Matthew Wolf, would you recommend his company to pursue the South Korea market at the present time? The information presented in the case study has led me to believe Wolf should not enter the market at this time. To begin, Mr Wolf and his team need to be highly educated on the location, culture, people, habits, traditions…
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Case Study Analysis – 2 California Miramar University 1. What is the basis of Red Bull's competitive advantage in the energy drinks market? Red Bull’s success is largely credited to its innovation capabilities. Red Bull is launched in 1987 when there is no similar product in the market. This provides a sound foundation for Red Bull to obtain the biggest market share when it comes more and more popular in the world. Red Bull uses its unique marketing strategy to build its…
Nursing Case Study #2 Acute Pancreatitis (Chapter 60 text) You are a charge nurse on a medical unit of a large teaching hospital. The Emergency Department (ED) is sending you a new admission, a female client, age 48, with a medical diagnosis of acute pancreatitis. Upon her arrival to your unit, you fully assess your client. Included in your assessment findings are the following data: • VS: T, 100.2° F; P, 104; R, 22; B/P, 100/60 • Sharp pain in the mid-epigastric area radiating to the back, rated…
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Abstract Jack Greenburg Inc. is a whole sale meat company that marketed a variety of meat, cheese, and other food products along the eastern seaboard of the United States. In the early 1980’s due to his health Jack Greenburg decide to place his two sons in charge of the company Emanuel and Fred Greenburg. During the mid-1980’s and early 1990’s the companies prepaid inventory account increased dramatically which set off alarms to the company’s independent audit firm Grant Thornton. After a more thorough…
BA 644 Case 10-4 Fraudulent Misrepresentation Dr. Speronis 2/25/2015 Annie Ashton Esprit Log and Timber Frame Homes v. Wilcox 691 S.E.2d 344 (2010) Facts Ricky and Sherry Wilcox entered into a contract with Esprit Log and Timber Frame Homes (Fireside Log Homes), where Fireside agreed to manufacture and supply the Wilcoxes with the logs to build a manufactured home which could be assembled in seven to ten days (Esprit Log and Timber Frame Homes v. Wilcox, 2010). The Wilcoxes agreed to pay $128,600…
Erin Fitzpatrick Rigor Mortis Case Stud BIO 317 Construct a time-line of the events from Saturday evening through Monday morning as described in the story. Around 11:30 Steve hit his head and was knocked unconscious. Steve’s injuries most likely caused his death in the early Monday morning hours. Jackie most likely died from the substance that was thrown in her face by Leslie. Jackie most likely died very soon after Leslie threw the substance at her. This would have been at approximately 12:30am…
Thank you for choosing DTH external consultanting, we have been hired by your company’s Staffing Service. We have looked over your Company and the staffing problems your company is experiencing. It seems to us that your company is concerned with how to staff your new stores, as well as, your stores that are already in business in order to keep your company’s goals. In this report you will find that there are many things we see eye to eye on that your organization does, on the other hand there are…