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
In regards to either form of workspace it is the responsibility of the employee to ensure they are following the guidelines and requirements of what the organization they belong to has established. Laws and acts that have been set forth deem the appropriate paths that must be followed with any form of electronic surveillance. It is seen throughout this report that surveillance disclosed can prevent issues amongst employers and employees but the ultimate goal of protecting the interest of the organization allows in many cases for such surveillance to be conducted. Consent is required in one form of fashion and must be given to all parties of the surveillance from the employer in cases, to the employee all the way to the third-parties that are involved. Expectance of privacy in the workplace is determined by the levels of responsibilities and mission that the employee is set to fulfill by their respective employers.
Table of Contents Cover Page 1 Table of Contents 2 Introduction 3 Report 3 Conclusion………………………………………………………………………………...4 Work Cited Page………………………………………………………………………….5 Introduction An assessment of system controls has been conducted for LBJ Company prior to going public. In order to detect and minimize the potential for fraud, the following control activities were audited: establishment of responsibilities, segregation of duties, documentation procedures, physical controls, independent internal verification, and human resource controls. All are important for restricting responsibility and reduce the possibility of abuse. Report After reviewing the current system of internal controls the following additional internal control requirements are recommended before going public: segregation of duties, rotation of duties, establishment of responsibilities, independent physical controls, and cash controls. Currently the following controls are in place or are being considered and should be put in use: the use of pre-numbered invoices and the purchase of an indelible ink machine to print checks.
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.
To make sure they agree to what they have to do i have to make sure they understand the important of what they have to do and why they have to and asure them that I will be able to assist in anyway they need to be assist with. If cant get the agreement from them than i need to seek for a colleage advice language barriers communication Bad behaviours Neglecting and abused clients 2.2 By providing all the staff members with trainings need for the job. By making sure all the stuff are following the company policies and procedure. By reporting and recording all accident happened in a accident book. 2.3 Get advice from the manager, senior care, or your colleagues or stuff books 3.1 Respond to the complaints professional way, listen the person what they have to say be sympathetic and respectful to what they have to say.
McBride will need to ensure that changes are made, compliance is researched and built-in the strategic plan, and the shareholders will be satisfied with the new MFSI. Situation Analysis Issue and Opportunity Identification The first issue facing MFSI is the need to implement a strategic plan to ensure that the company is complying with all the corporate governance bylaws. MFSI has the opportunity to turn the company around and make sure that they are applying all regulations with honesty and integrity, thus letting their customers trust the way they conduct business. MFSI also faces the issue of a lack of ethical compliance. MFSI has the opportunity to attract more companies
Consider the following: • What kinds of accounting, audit, and tax services does the firm provide? • Who is their target market(s) by industry and company? • Why would prospective clients give serious consideration to have KSM handle their accounting, audit and tax services? 3. Working in an ever changing accounting, audit and tax environment that is driven by change and strict regulatory adherence, how does the managing partner (David Resnick): • Ensure strict employee compliance to federal and state regulation and the company’s high ethical standards?
To the President of LJB: It is critical to note that going public is a phenomenal and transformational event for any company. However, before any private company makes the final decision to go public, there are important decisions that needs to be made; one of them being the enforcement of proper internal control procedures. LJB will need to “meet additional requirements and continuing obligations as a public company that may require new skills sets, additional resources and changes to the business” (PricewaterhouseCoopers, 2010). This simply means that the company needs to implement internal control measures that will satisfy the requirements of the Sarbanes-Oxley Act of 2002 (SOX) section 404 and meet the entire five interrelated internal control components. Mr. President, everyone at LJB needs to understand the definition of internal control and what is required of them under the SOX law since this law requires a combined effort from top management and employees alike.
The functional areas of business are the different aspects of business that make up a company. With that said, since managers fall under an organization or business, it is imperative that they work together with the different functional areas of business. Managers must be keen on knowing every aspect of business law and how it pertains to their company and/or organization. This is important because a manager needs to understand what rights the company has, what kind of relations the company is allowed, and what kind of conduct is appropriate for the business and it’s employees. By violating any type of law a business could easily lose revenue and in major cases shut down forever.
* The learning needs analysis should be an integral part of a comprehensive learning and development strategic plan, built from the business plan, to gain the support of senior management. * It is important to be up to date with all current relevant legislation and kept informed of all pending and future legislation likely to affect the organisation. Much of this legislation requires evidence that the appropriate training has been delivered to all relevant employees. * The objectives in the organisation's business plan are those that are critical to the success of the business, and are where most of the effort and resources will be directed. * Job analysis - when undertaking a job analysis it is essential to check that all affected departments, including line managers, are involved in the process.