Acct 504 Case Study 2

The auditor must assess the transactions for how much of a risk factor is involved. When reviewing these transactions, auditor must be able to review the internal controls of the company’s accounting personnel. The segregation of duties is associated with the safeguarding of an organization 's assets and the topic known as internal control. An example of the segregation of duties would be a company 's requirement that the bank statement for its checking

Leadership: She is responsible for being a supporting trainer to the Lead Technician on the evening shift.

Having internal controls is one thing, but how the company evaluates that control is a matter all by itself. Being an independent auditor, it is our job to understand an entity and

Terrance and I had a brief meeting before he met his ACCT 220 tutor. He needed to work in two assignments for that class which are due on Sunday (10/29). Terrance and I tried to make an appointment with Terrance’s academic advisor, but it was not possible for him to make this appointment. We will try to make this appointment during our next meeting.

| |A. |[pic]|provide feedback by comparing results with plans and by highlighting deviations from plans |

A bargain that is in good faith should be directed towards entering into an agreement. Any party that introduces unrealistic conditions is said not to be in good faith. The negotiations between the company and the union did not result in an agreement, even after eighteen meetings were held in a time frame of eleven months. The company is to blame for the failure to enter into an agreement due to the introduction of conditions that were unfavorable to the union. An agreement can only occur when the parties involved are ready to compromise. The company was not ready to compromise, thus making it right to conclude that it was not in good faith.

Responsible for U.S. income tax compliance, sales and use tax compliance, property tax compliance, audits, and special projects. Also, responsible for assisting Tax Director with quarterly and annual income tax provision calculations. This position is hands-on and the qualified candidate should be self-motivated. Attention to details and accountability are essential.

First of all, that they have one accountant who plays the role of both Treasurer and Controller is an area of great risk. The Controller and Treasurer are meant to play opposite roles in which they provide oversight and checks and balances to

Kroger Co. holds management responsible for the company’s Internal Controls. With the participation of the chief executive Officer and the Chief Financial Officer, Kroger’s management conducted an evaluation of the effectiveness of the Internal Control for the company’s financial reporting. This evaluation was based on the framework and criteria established in Internal Control-Integrated Framework which was issued by the Committee of Sponsoring Organization of the Treadway Commission. Based on the evaluation, the Kroger management concluded that the Company’s

Yes, she can because she is counted as minor as of now. As long as she is under 18, she can able to disaffirm any kind of contract. Because public policy of protecting minor is the basis of capacity rules (Barnes 2017: 220). Even though her mother signed the contract by representing her, she still can disaffirm the contract. If she became an adult by the time she disaffirming the contract, she needs some reasonable time to do that but she can still disaffirm the contract if she applied during that time. However, there are some consequences of disaffirming the contract, such as return any possession that have received from adults. On the other hand, if she did not disaffirm after attaining majority then the contract has become ratified, which means she lose her right to disaffirm the contract.

Internal controls represent an organization’s processes and procedures used to meet its goals and objectives and serve as a defense in safeguarding assets and preventing and detecting errors, fraud, and abuse. Effective internal controls provide reasonable assurance that an organization’s objectives are achieved through (1) reliable financial reporting, (2) compliance with laws and regulations, and (3) effective and efficient operations. The passing of the Sarbanes-Oxley Act of 2002, as well as the numerous corporate frauds and bankruptcies over the past decade—including some

Internal controls prevent errors and irregularities from happening. If errors or irregularities do happen to occur internal controls will help ensure that they are detected in a timely manner. Internal controls also encourage adherence to prescribe policies and procedures. Internal control are also put into place in order to protect employees by outlining tasks and responsibilities, providing checks and balances, and also from being accused of misappropriations, errors and irregularities.

The final responsibility for the integrity of an SEC registrant’s internal controls lies on the management team. U.S. companies need to refer to a comprehensive framework of internal control when assessing the quality of financial reporting to determine that financial statements are being presented under General Accepted Accounting Principles, GAAP. The widely used framework is referred as COSO, Committee of Sponsoring Organizations of the Treadway Commission, sponsored by the following organizations American Accounting Association, the American Institute of CPA’s, Financial Executives International, the Institute of Internal Auditors, and the Institute of Management Accountants. COSO’s defines internal control as:

Effective internal controls protect a company’s assets, maintain compliance, improve operations, prevent fraud, and promote accuracy in financial reporting. In 1992 the

The Finance department is headed by the Accountant . The Assistant Accountants 1 & 2 reports directly to the Accountant.