Standards All employees will be separated into group/departments and each department will have specific duties assigned to them. Employees: All employees will be limited to specific applications and information. No individual should be able to access information to which they do not have a legitimate access right. Systems will be in place to ensure that this is the case. They will be in charge of all customer service and will have access to customer information when needed System Administrators: will have administrative rights to install, configure and repair systems.
Extra observance by the internal auditor is given to payroll to maintain integrity in the transfer of funds to the general account to cover payroll expense. Payroll is authorized and collected through a time clock and authorized by supervisors. Personnel approve all new hires and payroll changes. After funds have been transferred from the general account to the employees’ account by electronic fund transfer, Mary Costain, the treasurer, compares the payroll register with the transfer
If they wish to enquire about a transaction or clarify why a expenditure occurred they contact me directly so I can then give them the information required on the expenditure and take further advice from my accounting team for future reference. It is important that as the team leader for the home I support our accounting team to keep accurate petty cash records for the team as this is how they can monitor expenditure, set budgets and reclaim expenses against any profit made from the business as a whole. It is also a legal requirement as a business that we keep accurate records for any governmental department that may wish to audit the
Establishment of Responsibilities: By assigning only one person for handling of the checks as well as the processing of them, it provides a dafeguard against theft or errors. When only one person open the mail, it is not sure about all incoming checks are forwarded to the cashier. Therefore, one person should prepare the list of checks so that can be compared with daily cash summary. It makes sure that all checks on the lisst were deposited. All mail receipts should be opened in the presence of two mail
My chart of accounts would include Cash, Accounts Receivable, Accounts Payable, Equipment, Supplies and Salaries and Wage expense. If I operated a merchandising firm, the chart of accounts would also include Inventory, Sales Revenue, Sales Returns and Allowances, Sales Discounts and Cost of Goods Sold. A CPA would have to perform more functions in the reconciliation of financial records. In my company I would utilize the Accounting Information System to ensure the accuracy of accounts and to make sure all transactions are collected and processed so that I can review the Income Statement in a timely fashion. I would also utilize the segregation of duties to ensure no one person can defraud the company by being allowed to record and control assets.
The Sarbanes-Oxley Act is mandatory and all companies must comply, size does not matter. The main purpose of the legislation is to make financial records more accurate and reliable for investors. It addresses issues like the establishment of a public company, creation of an accounting oversight board, auditor independence, corporate responsibility, and enhanced financial disclosure (Parks, 2006). The Act requires new auditing for internal controls; auditors will check the internal controls of companies’ procedures and present its findings in an annual audit report. The audit report must show report that management has established and maintained internal controls for financial reporting.
The checks are issued by Tom Kimball, the treasurer or his assistant, and then marked paid. Lastly, the bank statements and books are reconciled by accounting. Guard Dog requires that all checks require proper invoice documentation in which the prenumbered checks numbers are recorded on the invoice. Physical, Mechanical and Electronic controls are met by having all access to check in a secured location in a safe and by using a check writer all check are prenumbered to enhance accuracy and reliability of accounting records. Independent Internal verification is performed by having each individuals verified by the next department within the
To ensure consistency of operations and quality control at Riordan, a common set of procedures were developed for the management of receiving raw materials, tracking products, and accounting for finished goods (Riordan, 2010). When the truck with raw materials arrives from the supplier to the plant it is overlooked by the supervisor and compared with the scheduled incoming orders. Once verified the materials are moved by the raw materials team over to the raw materials area at the factory. At the end of each day the supervisor gives the log of all raw materials received and associated shipping documents to the receiving clerk. The clerk enters all the raw materials information directly into the inventory system.
ACC 492 Final Exam Solution http://www.homeworkwarehouse.com/downloads/acc-492-final-exam-solution/ ACC 492 Final Exam Solution 1) The bonding of employees will normally be expected to? A. “weed out” dishonest employees already hired. B. serve as a deterrent to dishonesty. C. guarantee that all employee fraud will be prevented.
Accounting Angel Martinez Acc 11/28/2011 Accounting Accounting requires collecting information and displaying it on statements so that business decisions can be made for the future of a company. The purpose of accounting is to document what the company is spending and what revenue is being collected. Accounting provides a business with correct and documented information on what is profitable and what is negative. Without accounting, businesses can not prosper or make decisions on growth or downsizing. Accounting requires that all transactions be recorded to ensure accuracy when giving financial details to board members, stock holders, and the IRS for tax purposes The income statement posts revenues and expenses.