StudentShare solutions
Triangle menu

Internal Audit Deparment Background description about TJX Company - Essay Example

Not dowloaded yet

Extract of sample
Internal Audit Deparment Background description about TJX Company

Similarly, the audit department is involved in making optimal recommendations on the improvements that should be established to the senior management and audit committee. The audit director of TJX reports to John Caban in updating him on the auditing process and plans that need to be implemented (TJX.com, 2). John Caban is supposed to report to the CFO of TJX company who is known as Scott Goldenburg. In addition, Caban is responsible of approving the audit plan prepared by the audit department. Similarly, the chief audit chief is responsible of updating the audit department of the organization through the quarterly reports during the regular meetings held in the organization (TJX.com, 1). One of the aspects that have enabled the auditing department of TJX organization to expand significantly in the past is the close relationship it has developed with the management. The management of the organization usually requests the audit department to undertake special auditing apart from the routine audits to measure the compliance level of the organization. This has enabled the department to comply with the established accounting regulations, financial and operational audits. Consequently, the objective of the TJX auditing department is to conduct accounting audits that are independent and designed to test compliance to the procedures and policies. In addition, the department goal is to ensure the control standards and securities are complied in the financial reporting of the various transactions encountered in the organization. Similarly, the auditing department helps the management of the company in meeting the internal control objectives of the organization. Owing to the numerous objectives and responsibilities that the audit department of TJX is expected to meet, a number of operation scope have been established to ensure the audit department improves the financial reporting of the organization. One of the capacities the auditing department is supposed to undertake is to review the integrity and reliability of the operational and financial information provided. In addition, the department is supposed to review the various means that can classify, report, and measure the financial and operational information provided by the various departments. Another scope of the department is evaluating the systems that have been established in ensuring that plans, laws, policies, regulation and procedure compliance that can affect the operation of the organization. Similarly, the auditing committee of the organization undertakes a review on the various means that can secure vital organization assets like computer data and investigating if the data is in existence. Furthermore, the department evaluates the efficiency, security and control of the IT system investment to ensure it enables the organization to comply with the established procedures. In addition, the auditing department reviews and appraises the efficiency and economy in the utilization of the available resources. Moreover, the department evaluates the certainty of the financial results in determining they are consistent with the founded goals and objectives. Accordingly, the auditing department of TJX Company has been able to ensure the financial and accounting reporting complies with the founded regulations, laws and policies. Audit Staff Description The auditing ...Show more

Summary

Name: Professor: Course Date: JTX Internal Audit Department Internal Audit Description TJX audit department is responsible of ensuring the financial accounting process is compatible with the generally accepted accounting principles. Furthermore, the department is involved in reviewing the operation of the department accounting and financial methods that includes electronic and manual…
Author : priceleannon
Internal Audit Deparment Background description about TJX Company essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Internal Audit Deparment Background description about TJX Company"
with a personal 20% discount.
Grab the best paper

Related Essays

The Audit Report and Internal Control Evaluation
These issues have been highlighted in the audit report presented as under: Anderson, Olds and Watershed, LLC Certified Public Accountants Shoetown ME 00001 Independent Auditor’s Report To the Stockholders Apollo Shoes Incorporation We have audited the accompanying balance sheets of Apollo Shoes Incorporation, as of 31st December 2007 and the accompanying income statement, statement of changes in equity and cash flow statement for the year ended 31st December 2007.
3 pages (750 words) Essay
Company Background - Microsoft Corporation
This essay explores Microsoft Corporation. The firm was incorporated in 1981 and it became public following an IPO on March 13, 1986. Today the company is currently selling Windows 8 operating system. Microsoft is the industry leader in the software industry due to the fact that they have the most popular operating system.
4 pages (1000 words) Essay
Audit and Internal Control Essay
Essentially, the basic issue was not fraud detection by the auditors but the alleged act of in concealment which done the damage. Nevertheless, there is still no conclusive empirical evidence in the literature about whether and how auditing mechanisms influence the performance and the value of the firms; and, about how these mechanisms interact (in a complementary or substitute way) (Bohern and Odegaard, 2003).
7 pages (1750 words) Essay
Audit and Internal Control
Data from remote factories and branches is going to be transmitted to the server through the British Telecom telephone system. By connecting oneself to the internet, an individual is opening himself to attacks on his computer and unauthorized access to his computer from people on the internet or others from within the company.
7 pages (1750 words) Essay
Internal audit and corporate governance
It's an ongoing evaluation of the financial wellbeing of a company's operations by its own employees. Employees who carry out this function are called internal auditors. (Coyle, 2005) In an internal audit, the internal auditors determine, assess and supervise an organization's risk management, reporting methodologies, and control practices; at the same time give proposals for advancement.
10 pages (2500 words) Essay
External Audit, Internal Controls & Management Information Systems
The purpose of an external audit is to provide assurance about the reliability of the published accounts of the particular audited body. It also provides the reassurance regarding the regularity of the fundamental transactions. External audits provide information concerning the efficiency and effectiveness with which a particular organization is performing its functions (Henley, 1989).
8 pages (2000 words) Essay
Internal Audit / Accounting
The main risks for GenCo is that its main supplier, the State Coal Company, has a monopoly over coal supply in the country and that the State Power will retain the balance of shares. According to the agreement the prices will be fixed for the next two years, but a power sales contract for the output of the plant is available for three years.
4 pages (1000 words) Essay
Pay Rolls and Internal Audit
The policies, procedures and controls that are exercised in preparation of payroll of management, staff, non salaried employees, supervisors, administrators, company staff, line and field workers, maintenance and cleaning staff were discussed and the two way obligations suggested.
8 pages (2000 words) Essay
Audit and Internal Control
Nevertheless, there is still no conclusive empirical evidence in the literature about whether and how auditing mechanisms influence the performance and
7 pages (1750 words) Essay
Audit & Assurance: Internal Control Deficiencies
The information collected through auditing is essential as it helps an organization in decision making. Shareholders of a company develop confidence when the audit reports are positive and indicate the
7 pages (1750 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation