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Internal Control Essays and Research Papers

Instructions for Internal Control College Essay Examples

Title: Internal Control Paper

Total Pages: 4 Words: 1359 Sources: 0 Citation Style: APA Document Type: Essay

Essay Instructions: Internal Control Paper
The following are the procedures for Accounts Payable for Jamona.com
RECEIPT OF INVOICE FOR PAYMENT
Office Manager: Recieves invoice in mail, Routes invoice to accounts payabel.
Accounts Payable: Reviews invoice, codes for proper expense account, enters account payable into accounting system, prints checke, signs check, mails check to vendor, files invoice.
RECEIPT OF BANK STATEMENTS
Office Manager: Receives bank statement, caneled checks, Accounts for numerical sequence of check, files checks in numerical sequence, routes bank statement to Accounts Payabel,
Accounts Payable: Reconciles bank statement
Write a 1,000-1500 word paper in which you do the following
A) assess the strengths and weaknesses of Jamona.com's internal controls
B) Recommend additional controls to cover the weakness
C) Discuss and identify all of the controls (recommended and existing) identifying each control as preventive, detective, or corrective.

Excerpt From Essay:

Title: H U M A N A INC and the Sarbannes Oxley Act

Total Pages: 2 Words: 629 References: 2 Citation Style: MLA Document Type: Research Paper

Essay Instructions: Internal controls in an organization are governed by the Sarbannes-Oxley Act.

This article explores the current internal control constraints of SOX.

Fitzgerald, M. (2006, June). The art of compliance. CIO Insight. 69, 44??"53 7p. (AN 21387678).

Description of the current internal control constraints of SOX

Analysis of the current internal control constraints of SOX with examples with H U M A N A INC.
from the article.

2 pages, apa style, Resources required and in text citations and do not use quotations. Will be sending the article

There are faxes for this order.

Excerpt From Essay:

Essay Instructions: Leadership confronts you, as a controller, and questions the need for an internal control system.

write a report of no more than 700 words, justifying the need for the system when controls are in place with insurance and portfolio approaches.

Explain why current approaches are valid but why an internal system will be more beneficial

Excerpt From Essay:

Title: Internal Control

Total Pages: 3 Words: 924 Bibliography: 3 Citation Style: MLA Document Type: Research Paper

Essay Instructions: Case Study: Internal Control

LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The President wants to be aware of any new regulations required of his company if they go public so he met with a colleague of yours at a local restaurant. The President of the company explained the current system of internal controls to your colleague. Your colleague has since been promoted to a tax position so she has passed on the information below so you can generate recommendations for the partner at your accounting firm to share with the President of LJB Company.

Since LJB Company is a relatively lean organization, they have a lot of faith in their long-term employees. They have one accountant who serves as Treasurer and Controller which streamlines many of their processes. In this dual role, he purchases all of the supplies and pays for these purchases. He also receives the checks and completes the monthly bank reconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access to the petty cash in a desk drawer and are asked to only place a note if they use any of the cash.

The accountant has recently started using pre-numbered invoices and wants to buy an indelible ink machine to print their checks. The President is waiting to hear from you if this is a necessary purchase before authorizing.
On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for the weekend, he will move the checks into a safe in his office.

The President is still quite embarrassed because he had to fire one of his employees for viewing pornography on a company computer. He later found out this individual was a convicted felon who served time for molesting children. The company had a hard time getting the employee to admit it was him because the company does not assign individual passwords. The President expressed his frustration because both he and the accountant both interview and approve all of the new hires.

Required:
Based on the above information, prepare a Word document to address the following:

1. Inform the President of any new internal control requirements if the company decides to go public.

2. Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or not they should buy the indelible ink machine. When you advise the President, please be sure to reference the applicable internal control principle that applies.

3. Advise the President of what the company is doing wrong (they are definitely doing some things poorly). Please be sure to include the internal control principle that is being violated along with a recommendation for improvement.

You must prepare a formal report for the partner to distribute to the President so no abbreviations or short-hand answers.

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