Evaluating accounting control systems - Essay Example

Only on StudentShare

Extract of sample
Evaluating accounting control systems

The meaning of internal control has changed over the recent years with the development of various internal control models. The COCO model is one of those models. Stone Creek Church in Urbana, Illinois has adopted the COCO framework model for their Internal accounting control system. The Coco model, which builds on COSO (another internal account control model) is the most user-friendly and concrete method. “The COSO framework is the reference model, which is written from the point of view that basically it makes the organizational member of the internal control be thorough who includes the manager from the standpoint of the shareholder” (COSO Framework Para 10).       The COSO framework describes internal control as a procedure, influenced by an entity’s management, board of directors and other workers, which is planned to provide reasonable assurance concerning the attainment of objectives. As stated the earlier Stone Creek Church in Urbana, Illinois has used the COCO framework model. The Stone Creek Church in Urbana always has to in excess of two persons to handle the cash. The money is never in one person’s situation anytime for protection. ...Show more

Summary

Finance and Accounting November 27, 2011 Evaluating Accounting Control Systems  Introduction: The COCO framework is one of the models of internal accounting control, which is used by many firms to maintain accurate financial reports…
Author : lebert
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Evaluating accounting control systems"
with a personal 20% discount.
Grab the best paper

Related Essays

Accounting Information Systems
Accounting Information Systems Answer 1 Air New Zealand is a domestic and international airline company. It is one of the famous airline companies based in New Zealand. This airline group provides cargo transport services and air passenger services. Apart from domestic region New Zealand, it also provides both the services in Australia, Asia, South West Pacific, United Kingdom and North America.
10 pages (2500 words) Assignment
Relationship between accounting, accountability and organizational control
Relationship between accounting, accountability and organizational control Accounting is a business language mostly used in the world of business to describe all transactions entered into by an enterprise hence it is used by individuals associated with business.
7 pages (1750 words) Essay
Management and Cost Accounting: Planning, Control and Budgeting
Accounting is a process of tracking record of varied transactions in an appropriate manner. Moreover, accounting is a procedure of recording transactions of businesses with relation to receipt and payment as well as incomes and expenditures.
11 pages (2750 words) Essay
Management Control Systems
Running Head: Management Control Systems Management Control Systems [Writer’s Name] [Institute’s Name] Management Control Systems The holistic view on management control systems (MCS) is not fresh. The academics have recognized to a rising degree that MCS should be thought as functioning simultaneously with the intention of understanding the design as well as application of MCS.
5 pages (1250 words) Term Paper
Management accounting and control
This has prompted the use of the balance scorecards approach which enables the organizations to balance the internal and process measures with results and the financial measures which gives the managers a complete picture of the organization as well as the areas where they should make improvements (Lipe and Salterio 2000).
15 pages (3750 words) Coursework
Management accounting and control (5-8)
As time passes on, the roles of the accountant keeps changing. In addition, they become more diversified enabling the roles of the accountant to be viewed in varied forms of activities. Management accountant hence applies several forms of concepts and practices in the process of budgeting.
15 pages (3750 words) Coursework
Accounting Information Systems and Control Issues
Accounting Information Systems and Control Issues Introduction The four main roles played by a manager in any organisation is to plan, to organise, to engage staffs, to direct and to control. By controlling it is verified whether all aspects of the business is occurring with conformities with the plans that were implemented, with the instructions that were issued and the principles that were established (Fayol, p.107).
6 pages (1500 words) Essay
FINANCIAL MARKETS AND MONETARY POLICY
However, the yield curve can have a predictive power and strength for both real activity and inflation. The strong relationship between macro economy and the yield curve has been the conventional theme of a growing empirical theory (Stander, 2005). Various theories have been generated to show that the relationship is bi-directional; Nelson Siegel model.
8 pages (2000 words) Essay
Find out how much would it cost
to 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