Internal control

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  • Internal Control Case Study

    Weak Internal Control Internal controls are systems put in place by an organisation to ensure its efficient performance and delivery of its services to stakeholders. It also ensures that in situations where activities does not go as planned, the damage does not affect the productivity of the organisation by having contingency plans. Internal Control also has to do with reliable financial reporting and compliance with rules, policies and laws which are all ensured by the management of the organisation (Chartered Banker Professionalism, Ethics and Regulation 2015/16 page 353). The following came to fore as regards the Internal Control system of the Bank; • There were no sufficient checks in place to monitor and validate the transactions carried…

    Words: 996 - Pages: 4
  • Internal Control System: A Case Study

    discuss the purpose of the internal control system. The purpose of the internal controls system is to safe guard assets, ensure integrity of financial information, and to protect customer’s information. While auditing the ABC Company’s financial record I found an error which reflects the strength of their internal control system. So I’ve been asked to educate my fellow accountants on the limitations of the internal control system in preparation for an upcoming audit. Specifically this…

    Words: 992 - Pages: 4
  • Case Study Of Internal Control Inventory For The Williams Oil Services Company

    evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews the receiving clerk’s work. Missing Internal Control characteristics for William Oil Services: - In the William’s case oil…

    Words: 967 - Pages: 4
  • IT Internal Control System

    transactions with customers and vendors, and through these transactions, the data gets processed, collected and stored. The data collected and stored from transactions usually contains individual customer’s and vendors private and business information that must be protected and safeguarded by the company’s effective and efficient control systems. Incidents may happen to anyone, and data processed and collected from transaction may intentionally or unintentionally released to an untrusted…

    Words: 1001 - Pages: 5
  • Internal Controls In Computacenter

    There are three main factors in COSO: operations, financial reporting and compliance.(4) For each of the factor, there are five points which are control environment, risk assessment, control activities, information and communications and monitoring.(4) From page 52 is the part of accountability. This part showed how board operating the internal control strategy. They introduced how to manage the risk first and then give us a short introduction which in there is mentioned as “the Board has…

    Words: 1058 - Pages: 5
  • Internal Control In Schools

    It has been variously described and operationalized in the literature. In general, though, internal control refers to regulation of behavior through internal schemas and resources rather than external forces such as social interaction. One common element across descriptions of internal control is that it is considered to be a “master” construct that encompasses other personality traits. Weinberger, for example, suggested that self-restraint is comprised of four subscales of self-control…

    Words: 1603 - Pages: 7
  • Why Is Internal Control Important

    Internal control is a procedure, or policy, put in place by management to stop fraudulent behavior, increase efficiency, promote accountability, and safeguard assets. In other words, an internal control is to prevent employees from stealing assets or committing fraud. In fact, there has been an increasing importance placed on internal controls in every level of an organization. To my understanding, internal controls are a serial of control activities. They should include at least following…

    Words: 1181 - Pages: 5
  • Gr8 Week 4 Paper

    the difference between Internal Auditing and External Auditing in terms of the primary objectives: • External Audit:  The external auditors are not the employees of the organisation. They report directly to the Shareholders of the organisation. They main duty is to tests the underlying transactions that form the basis of financial statements. They form an opinion as to whether or not these statements reflect a true view. Reliance may be placed on the systems that produce the accounts that make…

    Words: 1195 - Pages: 5
  • Evaluating Cost Reduction

    question has arisen as to whether said cost reduction actions are an operation issue or a control deficiency, of if said cost reductions are a material weakness or a significant deficiency in the organization’s internal control. PPC Cost Reductions As a result of the recent recession PPC’s revenues have shrunk $125 million. Such reductions in revenues have caused the organization to become minimally profitable. Moreover, the organization…

    Words: 1944 - Pages: 8
  • Walmart Internal Control Violations

    Internal control violations There was a total internal auditing division violation of the regulation in the K-Marts case. When the disproportional asset inflation was seen in the company revenues, it should have been immediately reported to the SEC and other concern authorities, but it was not done. In fact, the amount inflated was almost 10% of the total revenues are the inflated revenues. Therefore, internal control mechanisms of Kmart should play the role of the whistleblower policies. The…

    Words: 1343 - Pages: 6
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