Ljb Company Case Study 2

correct staff payments , legislative requirements accurate invoicing ,correct production recording , accurate stock holdings ,re-order level monitoring , audit requirements

staff training, CRB checks/vetting procedures, staff supervision and management; electronic audit trails, passwords, information checking systems, agreed ways of working , policies and procedures; secure storage, CCTV

8.      REQUIRED TO TURN IN (in this order): Typed multi-step income statement, Typed statement of retained earnings, Typed classified balance sheet, Typed Perpetual Inventory cards, Handwritten worksheet for uncollectible accounts expense calculations, and Handwritten June Journal Entries, the additional adjusting entries and all necessary closing entries. Be sure your name is on all pages.

There are a plethora of compliance and regulatory requirements in this area but I want to focus on the finance and insurance office and how I can communicate to my colleagues and customers what these requirements are. Why must be met and taken seriously, and how we are going to do it?

1. The main legal requirements that need to be considered, including Codes of Practice, explain the impact that these have on the organisation.

1. Use the table below to describe the main principles, policies and procedures of your chosen organisation. You should also include details of documentation used to support these principles, policies and procedures.

Consider J.M. J. M. a 43-year-old Hispanic female with type 2 diabetes, with lipid abnormalities and hypertension. LDL 174, HDL 52 and Triglycerides 32, A1C 9.3, microalbumin 32, and fasting blood glucose of 216 with average glucose variance of 200mg/dl, blood pressure 145/89, morbidly obese at 262 pounds. She has been diabetic for 10 years and has not seen an educator since her diagnosis. She previously danced for exercise, but has not done so in a while to work and family obligations. She has three children age 16, 14 and 10. She is married and the primary source of income for the family, which presents significant stress. J.M. presents with numerous comorbidities that contribute to the development of cardiovascular disease. Current medications

Human resources: this is needed in the business and is also monitored because if someone isn't doing his/her work correctly then they are likely to be replaced with someone that is better. If the business is to expand then the business needs to employ staff with certain ability that will benefit their business.

Internal control has different control principles, establishing responsibility focuses on allotting different tasks to a concerned person, like each sales person should have an individual sales register. Different controls on physical, mechanical and electronic should be exercised as this will help in reducing the unauthorized use of different resources, this is essential for safeguarding assets and

In their current process, LJB Company’s sole accountant serves both as their treasurer and controller. He receives the checks and completes the bank reconciliation. Going forward, LJB Company should establish a system of internal verification. The accountant can receive the check but someone else should do the bank reconciliation. If LJB Company decides that they don’t want to hire more people and just go lean, the accountant can continue to receive the check and perform the bank reconciliation as long as the manager review it regularly.

Plus if the accountant is not there for whatever reason and an employee needs their check, the manager can handle that and not violate any employment laws by not giving an employee their check in a timely manner. The President of LJB Company, has also done a good thing for wanting the employees to be aware of any new regulations required of the company if they decide to go public. It is incredibly important the President have different individuals serve as an Accountant, Treasurer and Controller which will help streamline many of their processes. This way, the Accountant will not be responsible for all financial dealings and again this will create checks and balances which are required to go public.

There are many rules companies must follow whenever documenting financial information or any other data which is gather during any business transactions. In order for said companies to report financial information internal controls have to be put in place as companies have to adhere to certain laws and regulations. Internal controls can be defined as a process which companies follow in order to ensure all financial reporting is done in a reliable and lawful manner. Some think of it as a system which works within a system as it plays a major role on the success of a company’s accounting system. At the organizational level, internal control objectives relate to the reliability of financial

v. Bausch & Lomb Inc., the court was tasked to decide if the post-closing price dispute provision controlled the seller’s objections or if the objections fell under the indemnification arbitration provision. The court reasoned that since the post-closing price dispute provision clearly set forth that the expert accountants shall “determine on the basis of Accounting Principles whether and to what extent, if any, the CNOAS requires adjustment,” the dispute provisions applied to the seller’s objections, which claimed incorrectly recorded values on the CNOAS. The court went on to find that even though the language of the post-closing price dispute provision did not refer to the expert accountant procedure as a valuation or appraisal, the agreement clearly provided for a third party to determine the controversy via a specific procedure which is allowed under N.Y. CPLR §

1. Confirm that all of your personnel policies from hiring to promotions and raises are based on employee performance. Avoid allowing tenure, ethnic background or any other kind of category into your human resources policies.

Training & Development: Your employees are your greatest asset. Continual development of your team is important, whether succession planning or planning for growth. Use your people management strategy to identify high potential leaders and employees identifying training opportunities to enhance their performance. You should also incorporate annual compliance training, tuition reimbursement options, and a company reading list.