The audit report must show report that management has established and maintained internal controls for financial reporting. Certification of each annual report must be verified by the executive offers of the company, the report must show that they maintained established internal controls. The offices of the company must include in their reports evaluation of the internal controls effectiveness. Included in the reports, there must be reports of fraud that may have an effect that have any effect on the internal controls. The Sarbanes-Oxley Act contains 11 titles that describing rules and requirements for financial reporting in the United States (Wang,
One of these is the use of pre-numbered documents (invoices). This method prevents a transaction from being recorded more than once, or from skipped. If checks are being written at LJB Company, the best way to do this is with a machine that uses indelible ink. The blank checks should be stored in a safe or vault with restricted access. Having an indelible ink check printing machine will follow control activities stage of internal controls, because this piece of equipment will help to reduce the chance of fraud.
Two core professional areas of the HR Map are Service delivery and information and Employee relations. The Service delivery and information ensures that the delivery and information from the HR service is presented and provided to the leaders, managers and staff within the organisation in an accurate, timely and cost effective manner. Also, to ensure that all HR records are kept up to date accurately and that all information and data that is passed through HR is managed professionally. This also includes HR keeping all information confidential. Employee relations within HR is the relationship between the organisation and its staff, this is to maintain solid working relationships between the employer and employees.
BSBFIM501A - Manage budgets and financial plans Written / Oral Questions 1. Why do organisations need accurate and timely financial information? What information is required to manage the organisation’s finances? Who is usually responsible for an organisation’s financial management? -Financial management ensures that a business is monitoring their finances.
1.2 Describe different information systems and their main features Transaction Processing System – This system is responsible for processing day to day business transactions. Management Information System – This system helps with carrying out the tasks required for problem solving and decision making. These are management level systems and help with the smooth running of the organisation. It helps with generating reports necessary for running and monitoring performance levels and efficiency levels, data for accounting and other transactions Decision Support Systems – This system helps with making long term decisions and is used to assist managers. Data warehouse – This system helps with storage of information electronically and also helps with analysis, retrieval, sharing and managing data.
Good communication practice between the directors and their managers will ensure that the company is run smoothly and that the managers can then ensure that their line staff can work accordingly. Day to day our director has a big input on what happens with the daily running and the ongoing within the company. Managers - It is essential that managers communicate all essential information correctly to their line staff so that they can follow correct working procedures for the business to run effectively. It is the responsibility of the managers to communicate all information that their line staff require to ensure that all their tasks under their job requirements can be adhered to and to ensure that they have all resources to complete their jobs to a good and expected standard. It is also essential for managers to communicate with their directors if there any issues which can only be resolved by the directors or any pieces of information that they require for them to carry out their job correctly.
ETH 557 Accounting Ethics Internal Policies and Procedures Internal policies and procedures are essential in developing an internal control framework, guiding operational processes, creating a safe working environment, and code of ethics to ensure an organization’s objectives are met accurately, safely, and ethically. An organization’s internal policies and procedures should be formally documented and given to employees for reference regarding what is expected of them as employees. Organizations develop internal policies and procedures to govern the behaviors of company employees. Additionally, internal policies and procedures are designed to protect an organization’s assets, minimize costs, maintain compliance, enforce internal controls, and provide a learning culture (Bianca, 2013). This paper will focus on internal policies and procedures for business contracts, electronic communications, and document retention related to these items.
The purpose of the financial statement audit is to ensure the entity being audited is preparing the financial statements in conformance with General Accepted Accounting Principles (GAAP). The information is important to investors, managers, banks,
While everything cannot be a hundred percent preventable there are ways to help the organization from most risk. Here are some ways to improve and safeguard risk at LocatePlus Corp • Security Policy-Implementing a security policy. This will give the organization as a whole the same policy so all must follow. • Workforce Security-each employee should obtain a badge that is controlled by a number. Unique username and passwords should also be giving to each employee.
3. Describe three different ways of maintaining a safe and secure business environment. Companies should follow Heath, Safety and Security policies and make sure that employees are well trained and follow these regulations. For example employees should be aware when working in the environment where they have a contact with equipment, materials or products which can be hazardous to check and follow instruction provided by the producer. Regular equipment checks and appropriate repairs should be maintained systematically.