Match each Control in Column 2 with a- One or more Internal Control Ob.docx
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Match each Control in Column 2 with a. One or more Internal Control Objectives from Column 1. b. The single most appropriate Internal Control Component from Column 1. 2. The executive team meets each month to review the monthly financial statements and accounting ratios provided by the controller and approved by the CFO. The main objective of this review is to see whether the firm has met operational and financial performance goals. 3. The employee who performs bank reconciliations is someone other than the employees who handle cash and generate payments from the firm. 4. Management implemented a code of ethics, which includes policies on conflicts of interest. All employees, including executives, electronically sign an acknowledgment that they have read, understand, and agree to abide by the code. 5. Management implemented continuous monitoring over the call center to confirm that the call center answers the calls in a timely manner. 6. Strong controls are in place to ensure proper accounting for and timely payment of statutory payroll deductions, like (1) federal, state, and local income taxes and (2) social security and Medicare deductions and firm contributions, to the respective governmental agencies. 7. The human resources department has processes in place to ensure that employees at all levels have the qualifications, experience, and training to efficiently and effectively perform their work. 8. There are controls in place to ensure that the audit committee receives reports in a timely manner on internal control deficiencies identified by the internal audit department. .
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For the items listed in Column 1, identify each as a control object.pdf
For the items listed in Column 1, identify each as a control objective or as one of the interrelated
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Components A. Operations B. Risk assessment C. Monitoring D. Information and
communication E. Compliance F. Control activities G. Control environment Column 2: Controls
Implemented For Firm ABC 1. The executive team meets quarterly to review all business risks
(including the potential for fraud), implements risk responses, and manages risk, including
making changes to the system of internal control. 2. The executive team meets each month to
review the monthly financial statements and accounting ratios provided by the controller and
approved by the CFO. The main objective of this review is to see whether the firm has met
operational and financial performance goals. 3. The employee who performs bank reconciliations
is someone other than the employees who handle cash and generate payments from the firm. 4.
Management implemented a code of ethics, which includes policies on conflicts of interest. All
employees, including executives, electronically sign an acknowledgment that they have read,
understand, and agree to abide by the code. 5. Management implemented continuous monitoring
over the call center to confirm that the call center answers the calls in a timely manner. 6. Strong
controls are in place to ensure proper accounting for and timely payment of statutory payroll
deductions, like (1) federal, state, and local income taxes and (2) social security and Medicare
deductions and firm contributions, to the respective governmental agencies. 7. The human
resources department has processes in place to ensure that employees at all levels have the
qualifications, experience, and training to efficiently and effectively perform their work. 8. There
are controls in place to ensure that the audit committee receives reports in a timely manner on
internal control deficiencies identified by the internal audit department..
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Assess the ethical requirements as outlined in the Sarbanes-Oxley Act-.docx
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The main points that are included in the act which will improve the corporate governance and reduce the accounting scandals that had happened in the past like enron and worldcom:
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Components A. Operations B. Risk assessment C. Monitoring D. Information and
communication E. Compliance F. Control activities G. Control environment Column 2: Controls
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making changes to the system of internal control. 2. The executive team meets each month to
review the monthly financial statements and accounting ratios provided by the controller and
approved by the CFO. The main objective of this review is to see whether the firm has met
operational and financial performance goals. 3. The employee who performs bank reconciliations
is someone other than the employees who handle cash and generate payments from the firm. 4.
Management implemented a code of ethics, which includes policies on conflicts of interest. All
employees, including executives, electronically sign an acknowledgment that they have read,
understand, and agree to abide by the code. 5. Management implemented continuous monitoring
over the call center to confirm that the call center answers the calls in a timely manner. 6. Strong
controls are in place to ensure proper accounting for and timely payment of statutory payroll
deductions, like (1) federal, state, and local income taxes and (2) social security and Medicare
deductions and firm contributions, to the respective governmental agencies. 7. The human
resources department has processes in place to ensure that employees at all levels have the
qualifications, experience, and training to efficiently and effectively perform their work. 8. There
are controls in place to ensure that the audit committee receives reports in a timely manner on
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This document discusses internal controls and the auditor's responsibilities for understanding and assessing internal controls. It covers: (1) the definition of internal control and its key components; (2) management's responsibility to establish controls and the auditor's responsibility to understand them; and (3) the process auditors follow to obtain an understanding of controls, assess control risk, and communicate internal control matters.
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Solution
The main points that are included in the act which will improve the corporate governance and reduce the accounting scandals that had happened in the past like enron and worldcom:
1) Corporate Responsibility in Financial Reporting: The act requires that principal executive and financial officers certify that they have reviewed the findings of annual or quarterly reports, and find the statements within to be accurate and free of any material errors.This makes the management highly responsible for the both internal and external audit and they have to see there is no errors the process followed.
2) Conflicts of Interest: illegal for any issuer to extend or maintain credit in the form of a personal loan to directors or executive officers of that issuer. This indicates that the directors can not act as they want and take loans fot themselves for the company they are shareholders
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bequests are received and properly recorded, and that compliance with the terms of any related
restrictions is adequately monitored. o Fixed assets To ensure that fixed assets are acquired and
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pledges and other revenues, accurate, timely financial reports and information returns, and
compliance with other government regulations. Achieving these objectives requires your
organizat.
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Assessment Task – Tutorial Questions Assignment
Unit Code: HA3032
Unit Name: Auditing
Assignment: Tutorial Questions Assignment (Individual)
Due: Week 13 - Friday 16th October 2020 (11:30PM)
Weighting: 50%
Total Mark: 50 Marks
Purpose:
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2. Explain how the audit planning process directs the auditor to obtain adequate
evidence to support audit findings and address the importance of materiality in
an audit.
3. Explain the process of audit planning to determine risk assessments and an overall audit
strategy.
4. Explain the auditors’ obligations with regards to understanding the client’s
business and internal controls and assessing business risks.
5. Achieve a high level of competence in applying prescribed auditing techniques
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You have reviewed the work performed by your assistant, Raymond Snow, on the audit of Tin Ltd
for the year ended 30 June 20X8 and you have noted the following two independent matters:
(i) In testing investments in listed securities, Raymond selected all shareholdings with a market
value above $200,000 and checked them to the closing market value reported by the
Australian Stock Exchange (ASX) to determine the net realisable value of each shareholding.
The items tested totaled $5,500,000 or 60% of the total balance. Of the items tested, only
one error of $110,000 was discovered. Raymond concluded that the error was not itself
material, as it was only 2% of the balance tested. He extrapolated this error to the total
population and estimated that the error for the total population would be $185,000, which
was also immaterial. Therefore, he concluded that the investments in listed securities were
fairly stated at the lower of cost or net realisable value.
(ii) Tin Ltd has 1,000 stock lines that are maintained on a perpetual inventory system. Stock is
counted on a cyclical basis so that all lines are covered at least once per year. Raymond
attended the March stocktake to observe the counting procedu ...
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protested, Billy informed him that, should he not do as he was instructed, he (Alfie) would receive
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information about some of his other clients. The insurance broker agreed to pay for the information
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forwarded the information to the insurance broker.
3) A former debtors clerk performed a review of internal controls over the receivables cycle a few
months after being transferred to the internal audit function. He also provided advice with regards
to EFT system for credit payments refunded to customers.
4) An internal audit function was requested by the audit committee to conduct an engagement of
the financial instruments as soon as possible. The engagement will include review of accounting
statements including calculations; disclosure and controls to be put in place. They knew that the
internal audit team did not possess the knowledge necessary to conduct such an engagement;
however, the Chief Audit Executive decided to commence with the engagement.
5) Mr Andrews is an internal auditor at ABC Ltd. While doing internal audit work at the companys
production facility, he is offered a position there by the production manager. If Mr Andrews accepts
the offer (he has a month to decide), he will earn a significant higher salary than he is presently
getting as an internal auditor.
Comment on each of the above 5 scenarios in the light of relevant guidance contained in
the code of ethics for internal auditors.
For each scenario:
i) Identify the issue(s) related to the internal auditor.
ii) Link it to a principle(s) of ethics (integrity, objectivity, confidentiality, competency) and state
the rule of the principle(s).
iii) Outline how the matter should be handled to resolve the issue(s) that you have
identified/correct soluction..
ACCT1 C4 ACCT FOR CASH By Aregawi Gebru(MA).pdf
Internal controls over cash are important for safeguarding assets and ensuring accurate accounting records. Key controls include separating cash handling duties, requiring authorization for payments, reconciling bank statements, and using pre-numbered documents. A petty cash fund is used to make small payments, while a change fund provides currency for customer transactions. Shortages and overages are recorded in a cash short and over account. A voucher system authorizes expenditures and records liabilities and payments.
The accuracy of accounting records is enhanced by the integrity of i.pdf
The accuracy of accounting records is enhanced by the integrity of internal controls. Comment
on this statement and provide justification for it. Include illustrations of how this does or does
not apply
Solution
Internal control is the process designed to ensure reliable financial reporting,
effective and efficient operations, and compliance with applicable laws and regulations.
Safeguarding assets against theft and unauthorized use, acquisition, or disposal is also part of
internal control. Internal accounting control is a series of procedures designed to promote and
protect sound management practices, both general and financial. Following internal accounting
control procedures will significantly increase the likelihood that: o financial information is
reliable, so that managers and the board can depend on accurate information to make
programmatic an d other decisions o assets and records of the organization are not stolen,
misused, or accidentally destroyed o the organization s policies are followed o government
regulations are met. Developing an Internal Accounting Control System The first step in
developing an effective internal accounting control system is to identify those areas where
abuses or errors are likely to occur. Many accountants can provide you with a checklist of areas
and questions to consider when you are planning your system. Price Waterhouse\'s booklet,
Effective Internal Accounting Control for Nonprofit Organizations: A Guide for Directors and
Management, includes the following areas and objectives in developing an effective internal
accounting control system: o Cash receipts To ensure that all cash intended for the organization
is received, promptly deposited, properly recorded, reconciled, and kept under adequate security.
o Cash disbursements To ensure that cash is disbursed only upon proper authorization of
management, for valid business purposes, and that all disbursements are properly recorded. o
Petty cash To ensure that petty cash and other working funds are disbursed only for proper
purposes, are adequately safeguarded, and properly recorded. o Payroll To ensure that payroll
disbursements are made only upon proper authorization to bona fide employees, that payroll
disbursements are properly recorded and that related legal requirements (such as payroll tax
deposits) are complied with. o Grants, gifts, and bequests To ensure that all grants, gifts, and
bequests are received and properly recorded, and that compliance with the terms of any related
restrictions is adequately monitored. o Fixed assets To ensure that fixed assets are acquired and
disposed of only upon proper authorization, are adequately safeguarded, and properly recorded.
Additional internal controls are also required to ensure proper recording of donated materials,
pledges and other revenues, accurate, timely financial reports and information returns, and
compliance with other government regulations. Achieving these objectives requires your
organizat.
Financial mgt
The director of an organization has been invited to attend a seminar on financial management. Topics to be covered include the scope and objectives of financial management and the capital asset pricing model. The director has asked the author to write a paper on these two topics. The document provides background information on financial management, including its scope, objectives and functions. It also discusses concepts related to financial planning, investment decisions, financial decisions, and dividend decisions.
Internal financial controls cos act 2013
1) The document discusses internal financial controls as defined in the Companies Act 2013, which requires companies to establish adequate internal financial controls and for auditors to evaluate their effectiveness.
2) It outlines the key components of internal financial controls - control environment, risk assessment, control activities, information and communication, and monitoring activities.
3) The roles and responsibilities of directors, auditors, and audit committees in evaluating internal financial controls and reporting on their adequacy are also summarized.
Mf0013 – internal audit and control
This document provides an overview of internal auditing and control. It discusses the advantages and limitations of auditing, key objectives of an internal audit system, qualifications of an internal auditor and their role in management, and basic principles of internal control. The advantages of auditing include providing assurance of financial reports, assisting management with performance and detection of fraud. Limitations include it being retrospective and relying on sampling. Objectives of an internal audit are evaluating controls, compliance, asset protection and utilization, and reliability of management information systems. Qualifications for an internal auditor include expertise, knowledge, skills, and integrity. Their role involves reviewing controls, assets, compliance, organization structure, resource deployment, and information reliability. Basic principles of internal control include
13 internal controls
This document discusses internal controls and the role of chartered accountants in developing and maintaining effective internal control systems. It defines internal controls and outlines their importance for mitigating risks and preventing issues like fraud. It describes the skills chartered accountants can contribute in areas like developing control standards, identifying gaps, monitoring controls, and assisting with regulatory compliance. The document also provides a brief history of the development of internal controls and key frameworks/regulations globally and in India.
Fm
Financial management involves planning, organizing, directing, and controlling the financial activities of a business. This includes procuring and using funds. [1] The objectives of financial management are to ensure adequate and regular funding, adequate returns for shareholders, optimal use of funds, safety of investments, and a sound capital structure. [2] Functions include investment decisions, financial decisions, dividend decisions, and ensuring liquidity. [3] The financial manager is responsible for raising funds, allocating funds, profit planning, understanding capital markets, and achieving the financial goals of profit maximization or shareholder wealth maximization.
Bank audit slideshare
This document provides an overview of different types of bank audits conducted in India, including statutory audit, concurrent audit, and RBI audit. It describes the objectives and key areas covered by each type of audit. The statutory audit verifies balance sheet classifications and ensures proper income recognition. Concurrent audit checks daily transactions to fill gaps between statutory audits. RBI audit assesses the bank's financial position, policies/procedures, and ability to repay depositors. The document also lists principal enactments governing bank audits and outlines the stages of an auditing process.
1 Assessment Task – Tutorial Questions Assignment
This document provides instructions for an assignment assessing students' knowledge of auditing topics covered in the unit. It consists of 6 questions from tutorial weeks 3, 4, 5, 6, 7 and 11. Students are required to answer the questions in a single document and submit it through Blackboard by the due date. The document outlines the purpose, learning outcomes assessed, description of the task, submission details, and policies regarding academic integrity.
1 Assessment Task – Tutorial Questions Assignment
1
Assessment Task – Tutorial Questions Assignment
Unit Code: HA3032
Unit Name: Auditing
Assignment: Tutorial Questions Assignment (Individual)
Due: Week 13 - Friday 16th October 2020 (11:30PM)
Weighting: 50%
Total Mark: 50 Marks
Purpose:
This assignment is designed to assess your level of knowledge of the key topics covered in this unit
Unit Learning Outcomes Assessed:
1. Demonstrate a thorough understanding of the reporting requirements of
auditing standards relating to auditors’ reports.
2. Explain how the audit planning process directs the auditor to obtain adequate
evidence to support audit findings and address the importance of materiality in
an audit.
3. Explain the process of audit planning to determine risk assessments and an overall audit
strategy.
4. Explain the auditors’ obligations with regards to understanding the client’s
business and internal controls and assessing business risks.
5. Achieve a high level of competence in applying prescribed auditing techniques
in gathering evidence to satisfy audit assertions.
Description:
Each week students were provided with three tutorial questions of varying degrees of difficulty.
These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The
Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer
the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks
3 ,4 ,5 ,6 ,7 & 11 inclusive and submit these answers in a single document.
2
The questions to be answered are:
Question 1 (7 marks)
(This question is from the Week 3 Tutorial)
You have reviewed the work performed by your assistant, Raymond Snow, on the audit of Tin Ltd
for the year ended 30 June 20X8 and you have noted the following two independent matters:
(i) In testing investments in listed securities, Raymond selected all shareholdings with a market
value above $200,000 and checked them to the closing market value reported by the
Australian Stock Exchange (ASX) to determine the net realisable value of each shareholding.
The items tested totaled $5,500,000 or 60% of the total balance. Of the items tested, only
one error of $110,000 was discovered. Raymond concluded that the error was not itself
material, as it was only 2% of the balance tested. He extrapolated this error to the total
population and estimated that the error for the total population would be $185,000, which
was also immaterial. Therefore, he concluded that the investments in listed securities were
fairly stated at the lower of cost or net realisable value.
(ii) Tin Ltd has 1,000 stock lines that are maintained on a perpetual inventory system. Stock is
counted on a cyclical basis so that all lines are covered at least once per year. Raymond
attended the March stocktake to observe the counting procedu ...
Mf0013 internal audit & control
This document provides information about an assignment for an MBA course on Internal Audit and Control. It includes 6 questions related to distinguishing between types of audits, similarities and differences between internal and external audits, quality control policies for audit firms, principles of internal control, problems with electronic data processing related to internal control, and factors for an effective internal control system in a bank. Students are to answer the questions in approximately 400 words each for a total of 60 marks. The assignment can be purchased by emailing or calling the provided contact information for Rs. 125 per question.
INTERNAL CONTROL & COMPLIANCE IN BANK.ppt
The document provides an overview of internal control and compliance (ICC) in a bank. It defines ICC as processes designed by the board of directors and senior management to reasonably ensure the bank achieves its objectives in operations, financial reporting, and legal/regulatory compliance. ICC consists of policies, procedures, and activities at all levels to monitor performance against objectives. Key roles in ICC include the board of directors, audit committee, management committee, and all employees. The main objectives are ensuring effective and efficient operations, reliable financial reporting, and compliance with laws and regulations.
Auditing chapter 2 slides for final year bcom students
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South African Journal of Science: Writing with integrity workshop (2024)
How to Manage Your Lost Opportunities in Odoo 17 CRM
How to Manage Your Lost Opportunities in Odoo 17 CRM
Match each Control in Column 2 with a- One or more Internal Control Ob.docx
- 1. Match each Control in Column 2 with a. One or more Internal Control Objectives from Column 1. b. The single most appropriate Internal Control Component from Column 1. 2. The executive team meets each month to review the monthly financial statements and accounting ratios provided by the controller and approved by the CFO. The main objective of this review is to see whether the firm has met operational and financial performance goals. 3. The employee who performs bank reconciliations is someone other than the employees who handle cash and generate payments from the firm. 4. Management implemented a code of ethics, which includes policies on conflicts of interest. All employees, including executives, electronically sign an acknowledgment that they have read, understand, and agree to abide by the code. 5. Management implemented continuous monitoring over the call center to confirm that the call center answers the calls in a timely manner. 6. Strong controls are in place to ensure proper accounting for and timely payment of statutory payroll deductions, like (1) federal, state, and local income taxes and (2) social security and Medicare deductions and firm contributions, to the respective governmental agencies. 7. The human resources department has processes in place to ensure that employees at all levels have the qualifications, experience, and training to efficiently and effectively perform their work. 8. There are controls in place to ensure that the audit committee receives reports in a timely manner on internal control deficiencies identified by the internal audit department.