Companies and their independent accountants or auditors should report the effectiveness of the companies internal controls based on these six principles. Publicly traded companies or those planning to go public are required to maintain internal controls and ensure compliance of government regulations. Company Evaluation As it relates to internal controls, the LJB Company is meeting and or adhering to some of the regulation requirements of the Sarbanes-Oxley Act within the daily operations of the business. I have provided a list below of the current processes being used within LJB Company that are being done exceptionally well. Establishing Responsibility: It is important to designate only one individual to handle specific tasks.
Question 7 used the ordinal scale to rank how common or important the situations were to them. Question’s 8 and 9 again used the interval scale to determine how the employee felt about the situation. Lastly, question 10 was an open ended to gain insight into how the employee more aptly felt about the companies organization regarding paperwork and report handling. The questions were formulated in such a manner, not necessarily for numerical value. But to determine the employees honest opinions regarding the situation.
WHAT ARE INTERNAL CONTROLS AND WHY THEY ARE IMPORTANT? Tabitha Walton Jones AC 201 Accounting Principles I Professor Eddy September 7, 2011 Abstract Every business should be concerned with internal controls. This system is designated to help protect the company’s assets so that it does not suffer any unusual losses. Internal controls are key to any business’s financial and business policies. According to the Internal Audit from Kansas State University, internal controls consists of all the measures taken by the organization for the purpose of; (1) protecting its resources against waste, fraud, and inefficiency; (2) ensuring accuracy and reliability in accounting and operating data; (3) securing compliance with policies of the organization; and (4) evaluating the level of performance in all organizational units of the organization.
They helped to obtain the companies goals by overcoming barriers and forging a connection with clients the world over. 3. The first things they can do are conducting a SWOT analysis at the beginning of the process and then conduct one after the implementation to the changes. This will help to recognize any gains or loses based on the previous analysis conducted. They can also provide metrics based on employee retention, engagement, customer service, productivity, and quality.
Explain the differences between the types of security offered by the banks in the case. Which bank would you open an account with and why? Bank of America is implementing authentication and authorization technologies such as online computer identification Wells Fargo & Company is implementing authentication and authorization technologies such as additional password criteria E-Trade Financial Corporation is implementing authentication and authorization technologies such as Digital Security IDs Barclay’s Bank is implementing prevention technologies such as online-transfer delays and account monitoring. Armed Force Bank one of my choice to bank with. One thing I like about Armed Force Bank offer low interest rates for mortgage and car loan.
Environment 1. Economic conditions and trends i. Because GSUSA is a not for profit organization, economic conditions and trends will not have a large impact on its meeting its organizational objectives as long as its current fundraising methods remain effective. 2. Cultural and social values and trends i.
They operate an efficient and low cost organization that focuses on quality. It also avoids the typical hospital atmosphere. Shouldice
It is so important to note that because no such programs or culture exists, there seems to be no communication being conducted from top management down to the entry-level employees about any ethical procedures or values. The most prevalent assumption to be taken away is that Eclipse Airline wants to succeed and share the success within the organization across all relevant personnel. By assuming these three elements, it is to the benefit of the board of directors for the company of Eclipse Airline to immediate put into effect few recommendations. By assuring ethical
The following criteria is acceptability; this is acceptance from the performance manager. “the people who use a performance measure must believe that it is not too time consuming (Noe 239). The last criteria are specific feedback, this feedback is used to show employees that they are doing their job, they need improvement, or they have progressed in their daily duties being asked. These criterias must be pointblank and to the point. Google’s approach to performance management meets very similar effectiveness; Google asks their following employees’ how managers are doing by sending out surveys.
Companies use managerial accounting internally to prepare and manage their business data. They contain guidelines through which accountants follow in their day to day activities. The ethical guidelines have been formed by the institute of management accountants. Organizations use this field in costing of their products and services, budgeting and anticipating for future sales. (Osmond, 2014) Accountants do not always follow the moral guidelines set out by the company’s managerial accounting and thus creating ethical problems within the business.