Acct504 - Lbj Company Case Study Week 2 Internal Control

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LBJ Company | Analysis of the Internal Controls Systems for LBJ Company | Evaluation Report | | Table of Contents Introduction 2 Components of Internal Control 3 Internal Control Procedures 4 Going Public and the Sarbanes—Oxley Act of 2002(SOX) 7 Analyzing LBJ Internal Controls System 10 Conclusion 12 Citations 13 Introduction To the President of LBJ Company, We have evaluated the Internal Control systems adopted by LBJ Company in accordance with the standards generally accepted accounting principles in the United States of America, based on the information provided to us. To perform this evaluation we were asked to analyze the effectiveness of LBJ’s internal control. Therefore, we have completed a list of its strength points and weakness points, providing recommendations for improving the deficiencies founded. Another point that was required from us was to provide information of any new regulations the company will need to implement in order to go public. To begin with this report we will first provide the description of the term Internal Controls, what it consists of, its components and procedures. Next we will provide you with important information about the new regulations and provisions required by the Sarbanes–Oxley Act of 2002 (SOX), which will be needed to be implemented for the company to go public. Our consideration of LBJ’s internal controls was designed to identify all qualities and deficiencies in internal controls that might be significant to the business operations. During our analysis we did identify some deficiencies in the current internal controls that we consider to be weaknesses that are important to be addressed. Purpose of this Report The purpose of this report is to describe the scope of our evaluation of LBJ’s internal controls and compliance and the results of that evaluation. Also to provide an

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