This short report consists of an auditing project done in three theater locations to have a good idea of how effective internal controls are in the theater industry. We compared actual controls as these are implemented or practiced in the Gulf Coast Town Center, the Hollywood…
Literature Review - After so many high-profile corporate collapses, both government and business has emphasized again the use of internal controls to fight fraud which is one of the white collar crimes being committed in greater amounts and more frequency (Lindgren 1). Fraud is a deception carried out to make unlawful gains and todays fast-paced computerized world often makes detection very difficult. At any rate, the purpose of good internal controls is to prevent fraud from being committed in the first place by making its commission difficult and secondly, internal controls should be able to catch fraud sooner rather than later. When all the internal controls are properly implemented and enforced, detection is easily a matter of time. Specifically with regards to accounting and auditing, internal controls should achieve three things; namely: protecting an organizations assets and properties (both the tangible and intangible), make sure business information (especially financial data) is timely and accurate, and lastly, the company is in compliance with reportorial requirements, laws and regulations.
The last objective, which is compliance, acquired greater significance in view of the passage of important legislation such as the Foreign Corrupt Practices Act (1977) and equally important Sarbanes-Oxley Act (2002). The Committee of Sponsoring Organizations or COSO stepped in to provide crucial guidelines when it comes to fraud, internal controls and financial reporting. Internal controls are five critical components like general corporate environment, risk assessment, information and communications, control activities and monitoring functions (Arens, Elder & Beasley, 321) that in turn impact on its corporate governance, enterprise risk management, business ethics, fraud, internal operational controls and financial reporting.
The report therefore pertains to the five ...
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(Auditing Project - Secret Shopper and Internal Controls Essay)
The control environment provides discipline and structure. Internal controls are more effective when the duties are segregated instead of being performed by the same person. The manager is the employees responsible for overseeing the internal control system.
The research includes a list of internal control weaknesses such as the department,not the purchasing department,should make the purchase requisition,the receiving department should not give the original receiving report to the warehouse,the receiving repot,checks,disbursement vouchers,purchase orders
I have to indicate the weaknesses in internal accounting controls in the handling of collections. Discussion The first thing I would recommend is that an audit of the Church’s financial records be undertaken. It is preposterous that no audit has been made in recent years because the same trusted employee has kept both the Church records as well as served as Financial Secretary for the last 15 years.
Background-- When one reads History, there was a quote stating that Sun never sets over British Empire. It was history. But in today's Global village economies, and multinational companies, having offices and organizations in different continents, and outsourcing their business activities, work for more than twenty four hours in the day, and through out the year.
This paper is a report on the purchase and payment and the receipt and sales functions. The purchase and sales functions of this business happens to have some weaknesses which can be remedied by the implementation of the recommendations that have been tabulated. The purchase and the sales function of a business are important to a business.
cessary procedures and steps for the establishment of the planned server upgrade, it is important that issues that may crop up during the execution phase be adequately addressed. This will go a long way in ensuring that the history of project failures in the past affected by
nt, is the fact that an individual must be satisfied and confident with regards to the level of customer service that is represented within the particular venue. Naturally, location, price, promotion, and other factors have a very resilient level of impact with regards to