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Internal control Essay Topics & Paper Examples

Risks and Internal Controls for Kudler Fine Foods

Internal controls are policies and procedures a company uses to ensure the accuracy and validity of their data. Risks are threats to that data that could be internal or external of the company (Hunton, Bryant, & Bagranoff, 2004). The following paragraphs will identify and analyze the risks and internal controls as they relate to the information systems for Kudler Find Foods. This will give Kudler information on how to evaluate risks and the application of the internal controls and this document will discuss other external risks associate with buying a new accounting information system (AIS). Identifying and Analyzing Risks There are many types of risks that a company has to confront each day in information technology (IT). The four main…

Biovail Case Study

Biovail Corporation, a major Canadian pharmaceutical company listed on the New York Stock Exchange, announces that it will miss its quarterly earnings target by $25 to $45 million, blaming $10 to $15 million of the shortfall on a truck accident involving a shipment that left its facility on the last day of the quarter. The case was ultimately prosecuted by the U.S. Securities and Exchange Commission (SEC). The case is centered on the question of revenue recognition and how the company should have accounted for the sales (FOB shipping or FOB destination). However, it also provides a rich setting permitting exploration of peripheral topics around the ethics of earnings management. For example, the case discusses stock analysts’ reactions to the…

Sarbanes-Oxley Act paper

“The paper describes the main aspects of the regulatory environment which will protect the public from fraud within corporations. It pays particular attention to SOX requirements and specifically evaluate whether SOX will be effective in avoiding future frauds” (University of Phoenix, 2014). Introduction “In the never ending battle against white collar crimes and corporate corruption, the government is enacting and applying various laws and regulations regularly. The policies is updated when and where required but most importantly these regulation must be followed strictly. New regulations and ongoing concern about globalization point to stepped-up oversight for financial institutions and lenders. But uncovering fraud remains a titanic task. Even with new measures, preventing those determined to commit fraud will remain difficult. Champions…

The Sarbanes-Oxley Act

The Sarbanes-Oxley Act of 2002, often abbreviated as SOX, is a legislative act passed by Congress in response to the Enron and WorldCom financial scandals. The primary purpose of SOX is to protect shareholders from errors or fraudulent reporting by the company they have invested in. The Sarbanes-Oxley act is enforced by the Securities and Exchange Commission, a department dedicated to ensuring compliance to SOX from all firms, and is also responsible for revising provisions of the act in order to keep it current and up to date. The Enron financial scandal showed the public and their representatives in Congress that compliance with current reporting policies were poorly followed, if not ignored completely. Enron, an energy trading company, was believed…

The Worldcom Fraud

Introduction The purpose of this report is to investigate and discuss the accounting fraud that occurred at WorldCom in order to recommend improved strategies to Berkshire Hathaway’s management for avoiding investments in companies with fraudulent financials. Accounting fraud is a crime committed by high level employees at an organization to manipulate the organization’s financial statements and intentionally disguise company performance. The fraud is committed without the knowledge of owners (shareholders and investors) to benefit the individuals perpetrating or committing the fraud and results in a negative impact on the owners. This report will give a brief background on WorldCom and the telecommunications industry, and then discuss the details of the WorldCom accounting fraud in order to provide relevant recommendations to…