Internal control requirements When the company decides to go public the requirements listed below will prove to be very helpful. It is the responsibility of top management to make it clear that the organization values integrity and that unethical activity will not be tolerated. This component is often referred to as the “tone at the top.” Control is most effective when only one person is responsible for a given task. There are many accounting regulations required by a public company. All accounting reports must follow the
This might result in the wrong usage of the power given to clerk in handling all the activities right from ordering parts to taking annual inventory. This will result in loss of assets of the company since the clerk is not watched by any superior, he can fraud things easily since he is the only guy involved in managing inventory at William Oil Services company. The possible solution for problem is applying the missing internal control characteristic that is segregation of duties to different persons. Key duties and responsibilities need to be divided or segregated among different people to reduce the risk of error or fraud. This should include separating the responsibilities for authorizing transactions, processing and recording them, reviewing and approving the transaction, and handling any related assets.
March 26th, 2012 To: President of LJB Company From: Erica Sylvester Topic: Discussion of Internal Controls-New Internal Controls Mandated if Company Goes Public, Current Good Practices and Suggested Improvements 1. New Internal Controls required if company decides to go public: a. If your company decides to become a publicly traded entity, then you will fall under the Sarbanes-Oxley Act (SOX) that requires for all traded U.S. corporations to maintain a system of internal controls that are ensured by executives and the board of directors to be reliable and effective. Independent and outside auditing will be required to check and attests to the adequacy and stringency of the internal control systems (1). Under SOX, your company will also be required to track your employees’ degrees and certifications to ensure that they meet the requirements of their job.
“LJB Company…Headed in the right direction” Carl R. Smith Acct 504- Professor Wibbert 2-9-2014 1. To the LJB President: I would like to personally thank you for allowing my accounting firm to evaluate your company’s internal controls system. In my report you will be informed of any new internal control requirements required for LJB to go public as well as inform you of what your company is doing right and make any suggestions on what the company can do to get better. The interest of the company going public will be a very successful decision. Some tests have to be properly administered to do so.
It seems clear that if one individual harms another, through whatever means, it makes it more difficult for the harmed individual to carry out parts of their “life-plan”. According to Mill, this is where intervention should occur. This is not a valid way of exercising your autonomy because you are putting the autonomy of other individuals at risk. This is what constitutes harm. However, the state or any other individual has no grounds to intervene if you’re not seen to harm others.
This saves the company from training for product knowledge. People do not shop Best Buy for customer service. This is the worst part about the company. The staff can tell you as much as they know about the products and prices but not one employee will go out of their way to make a sale, informs a customer, or ensure any customer service. From a standpoint of a shopper I would evaluate the store as a confusing mess that seemed like a sale every time one shops.
Determining which type of culture to work in will help tremendously when trying to find an ideal business to work for. People react and respond to certain behaviors and actions differently. There is no one right or wrong answer in which type of culture will work best for an organization it truly depends on the individual who has to work within the business. A person who wants executives to control every function of how a business operates would not be well suited in an organization that strives more on the relationship culture within the organization. Working in an organization
Workers are also motivated in a democratic style of leadership as there is two way communication and worker's opinions are considered. A good leader will also give good delegation. This mostly happens in laissez faire leadership style as there is more delegation given to workers who are trusted by the senior people about the business. He will also have to have a clear chain of command and span of control, especially in autocratic style as workers have to be well controlled and always need to be checked upon. He will also need to have good communication with other staff, mainly in paternalistic and democratic style of leadership.
Here are 6-tips to help you better manage relationships at work. * No dirty politics please: Don’t play politics at the workplace. Even if you have initial success, in the end, you would actually alienate yourself from the masses. Don’t backbite as it brings negativity at work. Confront the person directly, if you have issues with a person, but always do this separately without discussing him/her with others.
In today’s competitive business world managers and employees are expected to work efficiently on their own initiative to achieve goals and excel the business they work for. But how much difference can one individual make on their own? For this assignment I explored the benefits of teams and team work within an organisation. I looked at the factors that separate effective teams from other work groups as well as how strong teams should be managed to maintain high levels of success, progression and employee morale. It can sometimes be rather difficult to distinguish the difference between a group and a team.