Essays on Internal Control

Essays on Internal Control

We have gathered for you essays on Internal Control in one place to help you quickly and accurately complete your assignment from college! Check out our Internal Control essay samples and you will surely find the one that suits you!

We've found 142 essays on Internal Control

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Case 1.12:Madoff Securities

Recent developments involving the case Madoff Securities: Bernie Madoff’s son, Mark Madoff committed suicide on December 11, 2010. His suicide may have been influenced because there was an investigation on Mark’s children on grounds that Bernie transferred funds to their accounts. Peter Madoff pleaded guilty …

BusinessFinanceInternal Control
Words 1066
Pages 4
The Olympus Scandal

This paper describes the case of Olympus, a Japanese manufacturer of optic equipment, at which in early 2012 a scandal was uncovered which was soon dubbed to be one of the largest loss-concealment schemes of Japan. In the 1990’s, Olympus incurred significant losses on financial …

Corporate Social ResponsibilityInternal AuditInternal Control
Words 7037
Pages 26
Characteristics of an effective system of internal control

In accounting systems, certain controls are needed to ensure that employees are doing their jobs properly and ensure that the system runs properly. These checks are in the best interest of the organization. These controls come in the form of internal controls for the system. …

AccountingInternal Control
Words 1553
Pages 6
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Corporate Structure of Yamaha

October 28, 2010 Message from the President Management Emphasis on CSR Yamaha Corporation Group CSR Policy Group-wide Quality Management System Corporate Governan Compliance Group-wide Quality Assurance Structure Quality Management System Quality Risk Management Quality Improvement Measures Stronger Customer Support System Improving Convenience by Standardizing Customer …

Corporate Social ResponsibilityInternal ControlQuality Management
Words 9004
Pages 33
Trolley Dodgers Case

Executive Summary The Trolley Dodgers was exposed that it had internal control problems existed. The other hand, found that employees embezzlement. The first part of this report identify and explain the characteristics of employee fraud indicated in Dodgers case. such as perpetrator must gains the …

BusinessInternal AuditInternal Control
Words 2025
Pages 8
IT General Controls Risk Assessment Report

Background: In accordance with our IT audit plan, the Foods Fantastic Company (FFC) Audit Team has performed an ITGC review of the 5 critical ITGC areas and in-scope applications so as to enable the audit team to follow a controls-based audit approach and be able …

BusinessInternal ControlManagement
Words 82
Pages 1
Chicken Run Analysis

Introduction Case Background This case is about the Small medium enterprises, Excel Poultry & Meat Sdn Bhd (EPM) that face management, production, financial and internal control problems. Besides that, In this case also show conflict of interest between General Manager of EPM, En Selamat with …

BusinessInternal ControlMarketing
Words 2520
Pages 10
Internal Control Systems and Financial Performance in SACCOs

This chapter reviews related literature from various sources according to the objectives of the study. The review of available literature therefore attempts to establish whether there is a relationship between internal control systems and financial performance in SACCOs. Therefore the chapter presents the theoretical review …

DiseaseGovernanceInternal ControlInvestment
Words 1867
Pages 7
Internal Control System

The two primary goals of an internal control system are to safeguard assets and manage resources. This action by the organization, reasonably ensure that their specific goals and objectives will be met within compliance. This system consist of policies, measures and procedures designed to assist …

AccountingInternal Control
Words 838
Pages 4
Foltless towers hotel – an internal controls case study

Introduction      What do you think will happen to a business not being managed by the investor itself?  It can be as chaotic as a jungle or may evaporate as water under the heat of the sun without even trying to see the sunrise.  This …

Case StudyHotelInternal Control
Words 62
Pages 1
Jack Greenberg, Inc.

Family owned business is a business that is owned by one family, most of the shareholders are from the same family. One of the major problems in this type of business is a conflict in interests among the family’s member. The auditor should be careful …

BusinessInternal ControlManagement
Words 901
Pages 4
Internal Control Procedures for Cash

Introduction For several years now it has been proven that having fine internal control practices allow organizations to achieve their objectives while at the same time maintaining an environment that centers on accountability and ethics. Creating an ethical environment at all ranks of the organization …

BankInternal ControlMoneyPayment
Words 105
Pages 1
The Trolley Dodgers

In 1890, the Brooklyn Trolley Dodgers professionals’ baseball team joined the National League. Over the following years, the Dodgers would have considerable difficulty competing with the other baseball themes in the New York City area. Those teams, principal among them the New York Yankees, were …

BusinessFinanceInternal Control
Words 1125
Pages 5
Internal Control Requirements for Publicly Traded Companies

In a meeting last week, the president of LJB expressed interest of going public in the near future and asked us about the internal control requirements for such action. To become publicly listed, LJB must follow the Sarbanes-Oxley Act of 2002 (SOX), which requires all …

AccountingInternal ControlPayment
Words 1376
Pages 6
The Essence of Internal Control

A statement on policy and procedures Issues as they relate to managements views and lord flings with regard to MOB A-123 audits. Writing position papers on justification of actions taken has raised some questions about control. There seems to be a shift in the mind …

Internal Control
Words 601
Pages 3
Audit Syariah

Tiffy Tiffeny Edmund 62288211087 Audit 1 Audit Syariah Definition Audit is a process to investigate and verify an account, while Syariah is the rule of Islam (Hukum Islam). Therefore, Audit Syariah is the process to analyse, check, investigate and to make sure the operation and …

BusinessContractInternal ControlJustice
Words 814
Pages 3
Internal Control Research

In order to carry out my research on Internal Controls within ‘The Bargain Centre Supermarket’ I have observed over a period of time, while I was employed part time, the different type of Internal Control procedures set place. I have also interviewed the owner, and …

Internal Control
Words 668
Pages 3
Foundation of Control

Organizational control is the process of assigning, evaluating, and regulating resources on an ongoing basis to accomplish an organization’s goals. To successfully control an organization, managers need to not only know what the performance standards are, but also figure out how to share that information …

BusinessInternal ControlOrganization
Words 2326
Pages 9
Trolley Dodgers Case Persuasive Essay

CASE STUDY: THE TROLLEY DODGERS 1. Identify the key audit objectives for a client’s payroll function. Comment on both objectives related to tests of control and those related to tests of control s and those related to substantive audit procedure. The key audit objectives for …

AccountingInternal ControlManagement
Words 1569
Pages 6
Justification for an Internal Control System Critical Analysis

The internal control system has been used since the company was in need of the system and until this day it has been working to its fullest potential. Internal control plays an important key in making sure that the accounting information, financial data, meeting the …

InsuranceInternal Control
Words 85
Pages 1
World Com Case

WorldCom: internal audit lessons to be learnt On June 9 2003, the U. S. Bankruptcy Court of New York issued a report on the WorldCom accounting fraud that expands on the court’s earlier findings of mismanagement, lack of corporate governance, and concern regarding the integrity …

AccountingInternal AuditInternal Control
Words 1060
Pages 4
Red Cross Report

2011 Trustees’ report and accounts Patron Her Majesty The Queen President His Royal Highness The Prince of Wales KG KT GCB OM Deputy presidents Her Royal Highness Princess Alexandra The Hon Lady Ogilvy LG GCVO The Countess Mountbatten of Burma CBE CD JP DL Honorary …

Balance SheetInternal ControlInvestment
Words 8993
Pages 33
Non-Executive Directors

Corporate governance has comparatively getting important in the business world. The term ‘corporate governance’ and its daily application in the financial press is a fresh appearance of the past fifteen years or so (Thomsen, 2004). The phase of growth may refer to the evolvement of …

Corporate Social ResponsibilityInternal AuditInternal Control
Words 4250
Pages 16
Aat Project Based on the Internal Control of Cookridge

1. Terms of Reference 1. 1. The researcher made investigation on the effectiveness of the internal Controls and accounting system of Cookridge Carpets Company. It also has some additional contents such as recommendations that helps the company to improve its strengths and weaknesses to protect …

AccountingCreditInternal ControlPayment
Words 5672
Pages 21
Oceaneering International Services

The purpose of this report is to evaluate the min-max inventory planning activities of Oceaneering International Services, with regards to the company’s success factors in materials management as resource management capability for achieving competitive advantage and sustainability. The continued recognition and facilitation of Oceaneering International’s …

Internal ControlManagementSupply Chain Management
Words 884
Pages 4
The Haight Ashbury Free Clinic: Internal Control Case Study

According to published reports, what happened at Height Suburb Free Clinic Is typical of the types of employee fraud that happens day In and day out at many organizations. It was nothing overly sophisticated and demonstrated how Insiders who know the peculiarities of differing requirements …

Case StudyInternal Control
Words 560
Pages 3
A Country Doctor A Story By Franz Kafka History Essay

/A state physician is a narrative by Franz Kafka implying challenges and defeats a state physician had to confront in an effort to salvage the wellness of a patient stat mis off.He starts out on a journey to procure the wellness of an indisposed patient …

CountriesDoctorFranz KafkaHistoryInternal Control
Words 1931
Pages 8
Internal Control Of A Group Company Accounting Essay

Abstraction Today, the argument of internal control is progressively of import to group companies. It is normally believed that a group is rather complex which would do a hard in pull offing hazards between different parts. The bankruptcy of Enron Corporation in 2001 is a …

AccountingCompanyInternal Control
Words 9290
Pages 34
How Sarbannes-Oxley Act affects internal controls

Sarbanes-Oxley Act which is also referred to as the public company accounting reform and investor protection act is a wider legislation passed in 2002. The SOX act has provisions touching on the standards for all the United States public firms’ boards, management as well as …

ActsInternal ControlJustice
Words 581
Pages 3
Completing the Audit: Activities and Responsibilities

Chapter 19 Completing the Audit / Postaudit Responsibilities |Learning Check | 19-1. The three categories of activities in completing the audit are (a) completing field work, (b) evaluating the findings, and (c) communicating with the client. 19-2. The activities involved in completing the field work …

AccountingBusinessInternal Control
Words 7429
Pages 28
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Find extra essay topics on Essays on Internal Control by our writers.

Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.
Information


Types

There are three main types of internal controls: detective, preventative, and corrective. Controls are typically policies and procedures or technical safeguards that are implemented to prevent problems and protect the assets of an organization.


Methods

The seven internal control procedures are separation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.


Origin

The American Institute of Accountants first defined the term internal control in 1949, followed by further clarifications in 1958 and 1972. In 1977 publicly held companies came under legislation to adequately implement controls to protect their financial information.

Frequently asked questions

How do you explain internal controls?
There are several key components to effective internal controls. First, there must be clear and concise policies and procedures in place that outline the expectations for employees. Second, there must be a system of checks and balances in place to ensure that no one person has too much control over any one area. Third, there must be regular and ongoing training for employees on the policies and procedures. Fourth, there must be a system in place for monitoring and auditing compliance with the policies and procedures. Finally, there must be consequences in place for employees who violate the policies and procedures.
What is the essay of internal control in auditing?
Internal control is the process by which an organization manages its financial, operational, and compliance risks. It includes the policies and procedures that an organization puts in place to ensure that its financial statements are accurate and its operations are efficient and effective.The purpose of internal control is to ensure that an organization's financial statements are free from material misstatement and that its operations are conducted in a manner that is consistent with its stated objectives.There are five components of internal control:1. Control environment2. Risk assessment3. Control activities4. Information and communication5. MonitoringThe control environment is the overall tone of an organization that set the stage for how risks are managed. It includes the organization's culture, values, and ethical standards.Risk assessment is the process of identifying and assessing the risks that could potentially impact the achievement of an organization's objectives.Control activities are the policies and procedures that an organization puts in place to mitigate the risks identified in the risk assessment process.Information and communication is the process by which information is collected and disseminated throughout an organization.Monitoring is the process of assessing the effectiveness of the internal control system on an ongoing basis.
Why internal control is so important?
There are a number of reasons why internal control is so important. Firstly, it helps to ensure the accuracy and completeness of financial reporting. Without effective internal controls, there is a risk that financial statements could be misstated, which could lead to investors making bad decisions. Secondly, internal control helps to prevent and detect fraud. If there are no controls in place, it is much easier for fraudsters to get away with their crimes. Finally, internal control helps to ensure that company assets are properly safeguarded. If there are no controls in place, it is much easier for assets to be stolen or misused.
What are the 5 internal controls?
There are five internal controls that all businesses should have in place to ensure the accuracy and validity of their financial statements. These controls are:1. Internal Audit: An internal audit is an independent evaluation of a company's financial and operational procedures. This type of audit is conducted by a team of experts who review the company's financial records and practices to ensure that they are in compliance with laws and regulations.2. Financial Controls: Financial controls are procedures and policies that are put in place to ensure the accuracy and validity of financial statements. These controls typically include things like segregation of duties, independent reviews, and establishing clear lines of responsibility.3. Compliance: Compliance refers to a company's adherence to laws and regulations. All businesses must ensure that they are in compliance with all applicable laws and regulations, and they should have procedures and policies in place to ensure that they remain in compliance.4. Risk Management: Risk management is the process of identifying, assessing, and managing risks that could potentially impact the company. This includes things like financial risks, operational risks, and compliance risks.5. Information Systems: Information systems are the systems and procedures that are used to collect, store, and process information. All businesses should have adequate information systems in place to ensure the accuracy and validity of their financial statements.

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