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Internal Control - Free Essay Examples and Topic Ideas

Internal control is a system of policies and procedures designed to ensure the reliability of financial reporting, compliance with laws and regulations, and effective and efficient operations. It includes measures such as segregation of duties, authorization and approval procedures, physical security measures, and documentation and record-keeping requirements. The purpose of internal control is to prevent errors and fraud, detect and correct them if they occur, and to provide reasonable assurance that the organization’s objectives are being achieved. Effective internal control is essential for the proper functioning of an organization and for maintaining the trust of stakeholders.

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  1. 1
    The Main Purpose of the Internal Controls Usage
    Words • 1327
    Pages • 5

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    Internal control Internal control is a process that aims to guarantee the achievement of an organization's goals in compliance with laws and regulations, operational effectiveness, and reliable financial reporting. In other words, it involves everything that controls risks to an organization. As a result, they represent several mechanisms that add value to the business and its stakeholders. In order to deliver said value, it is required good governance, management of information and of information and technology (IT) assets. These practices…
    Internal Control
  2. 2
    The Way of Internal Control Failures
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    Internal Control Failures can be caused by many varying factors, such as, lack of management supervision, low accountability, checks and balances, separation of duties, physical audits, standardized documentation, and approval authority. It is very important for a company to be aware of all of the requirements needed in order to have a smooth functioning business. If a business begins to slack even the slightest it could leave an opening for a failure or fraud to occur. Considering Steinhoff International, because…
    Business SuccessFailureInternal Control
  3. 3
    Audits: Materiality, Risks, and Internal Controls
    Words • 2798
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    Paper Type:2500 Word Essay Examples
    The audit process is a set of eight sections, including materiality, risks, and internal controls. Auditors determine with reasonable certainty that financial statements are free from material misstatements. The only way auditors can complete this task is by determining the level of misstatements during audit planning, starting with preliminary judgments, and ending at using materiality when evaluating the audit findings. Auditors must consider various risks associated with planning and completing an audit. Risks which could affect the completion of an…
    AccountingFinanceInternal ControlRisk Management
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  4. 4
    The Role of an Internal Auditor in Risk Management
    Words • 1224
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    Paper Type:1200 Word Essay Examples
    Introduction An internal audit is a complete evaluation of the company’s functions in terms of risk management; that is, the internal auditor monitors the organization for the risk of monetary loss or lower-than-expected earnings due to unforeseen circumstances. In fact, the Position Statement of the international organization, the Institute of Internal Auditors (2004) states that the enterprise-wide risk management tasks performed by these individuals assist the organization by improving the understanding of the risk that the organization faces, by improving…
    AuditBusinessInternal ControlRisk Management
  5. 5
    Sales and Collection Cycle
    Words • 1770
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    Paper Type:1800 Word Essay Examples
    Introduction When engaged in auditing a public firm, such as Apollo Shoe Inc. , an auditor must determine when to trust in the company’s internal controls and when to ascertain auxiliary testing methods are obligatory to analyze control risks. The sales and collection cycle is rather a substantial fraction of the audit because this unique segment employs a multitude of documentation and records ranging anywhere from customer and sales orders, shipping documents, credit memos, and general journal entries; therefore, a…
    Internal ControlInventory
  6. 6
    Goodner Brothers Audit Case
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    Paper Type:1200 Word Essay Examples
    The Goodner Brothers, Inc. audit case is based off the story of two men who have been friends since their childhood: Woody Robinson and Al Hunt. Now as adults, Mr. Hunt works for an auto supply store while Mr. Robinson works for Goodner Brothers, Inc. , a tire wholesaler in Huntington, West Virginia. In the Goodner case, internal auditors were conducting their annual inventory counts of Goodner Brothers, Inc. and determined that their numbers were lower than the book inventory…
    AuditBusinessInternal Control
  7. 7
    Business Process Improvement
    Words • 2195
    Pages • 8

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    Introduction Technology is noted under various frameworks for analyzing the effect of the macro environment on the specific strategies that are adopted by businesses as one of the key variables affecting business operations. Technology has generally revolutionized how businesses view their internal strategies and the specific strategies that they employ in improving their internal capabilities (Kaltoft, Boer, Chapman, Gertsen, &Nielsen, 2006). Business process improvement initiative which focuses on improving strategies that are used in controlling and organizing processes within organizations…
    BusinessInternal ControlRisk Management
  8. 8
    Enterprise Risk Management
    Words • 772
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    Paper Type:750 Word Essay Examples
    Enterprise Risk Management (ERM) is only as effective as the amount to which the methodology has been adopted holistically by a business. The adoption of risk management throughout a business becomes increasingly difficult as the a business grows and becomes more complex. It is clear that Unilever is a complex business with global operations, this necessitates a potent and successful risk management presence within the company. A key strength of Unilever's approach to risk manangement processes is the level at…
    AuditBusinessInternal ControlRisk Management
  9. 9
    The Role of Financial Ratios in Auditing Analysis
    Words • 2633
    Pages • 10

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    Paper Type:2500 Word Essay Examples
    The use of financial ratios assists the auditor in analyzing any unusual deviations from the expected results, (Gupta, 2004). The financial ratios are then compared with the entity's ratios for prior periods as well as with ratios for other businesses in the same industry. A comparison with the industry ratios would have warned BDO of some irregularities in Leslie Fay's financial statements. BDO Seidman should have been interested some important ratios that would help in determining the accuracy of the…
    AuditBusinessBusiness EducationBusiness ManagementBusiness NewsEconomics
  10. 10
    Profitability Issues Plague Thriving Discount Grocery Store, Phar Mor Inc
    Words • 1798
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    Paper Type:1800 Word Essay Examples
    Phar-Mor, Inc was a thriving discount grocery store in the late 1980’s. Phar-Mor was moving product quickly but profit margins were not significant enough to pay the bills. By the early 1990’s, Phar-Mor declared bankruptcy due to fraudulent financial reporting and misappropriation of assets, making it one of the largest frauds in U.S. history. Below, we will use auditing standard AU 316.85 Appendix A in conjunction with the video “How to Steal $500 million” to analyze how incentives/pressures, opportunities, and…
    AuditBusinessBusiness ManagementFinanceInternal Control
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  11. 11
    Inadequate Auditing and Internal Control: Lessons from Equity Funding
    Words • 1275
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    Paper Type:1300 Word Essay Examples
    The collapse of Equity Funding had a significant impact on business practices and institutions, with its lessons remaining relevant even after 30 years. Auditors at Equity Funding did not gather enough evidence, assess internal control, or verify the computer system, which ultimately led to its downfall. The audit premise----- understanding internal control system AUS 402.41 requires the auditor to gain an understanding of internal control relevant to the audit. Effective internal control can provide “protection against human errors and reduce…
    BusinessEquityInternal Control
  12. 12
    Internal Control
    Words • 5233
    Pages • 20

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    Paper Type:3000 Word Essay Examples
    Senior executives have long sought ways to better control the enterprises they run. Internal controls are put in place to keep the company on course toward profitability goals and achievement of its mission, and to minimize surprises along the way. They enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and…
    Internal ControlManagement
  13. 13
    Checklist For Evaluating Internal Controls in Business Management
    Words • 302
    Pages • 2

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    Paper Type:300 Word Essay ExamplesEvaluation Essay
    For publicly traded companies, the Sarbanes-Oxley Act of 2002 requires an audit of internal controls. The purpose of an internal control evaluation is to evaluate risk, which offers auditors a basis for audit planning and provides useful information to management ("Sox Law", 2006). Auditors typically use the five basic components of internal control to approve the entire system. According to Louwers, Ramsay, Sinason, and Strawser (2007) the five components to internal controls include control environment, risk assessment, control activities, monitoring,…
    BusinessBusiness ManagementInternal Control
  14. 14
    Control Mechanisms: The Walt Disney Company
    Words • 1342
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    Paper Type:1300 Word Essay Examples
    Introduction Organizations use control mechanisms to help regulate guidelines and procedures which contribute toward effectively achieving organizational goals. The Walt Disney Company is a well known entertainment organization that has become tremendously successful both nationally and internationally over the past 70 years or so partly through successful implementation of control mechanisms throughout every aspect of the organization. The purpose of this paper is to explore four types of control mechanisms used by the Walt Disney Company: (1) budgetary, (2) financial,…
    BusinessInternal Control
  15. 15
    Flight Of Fund Business Management
    Words • 2031
    Pages • 8

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    Paper Type:2000 Word Essay Examples
    INTRODUCTION In 2010, Mr. Idris was hired as the Chief Operation Executive (CEO) of Travel Investment Holdings Berhad (TIH), a government linked company (GLC) in logistics and travel related business. The first task as the CEO of TIH was to identify solutions to recover the losses of the company due to the economic crisis in 2009. In order to diagnosis the problem, Mr. Idris called for a meeting among senior managements. He found out that there was no-result investment made…
    Business ManagementFinancial StatementInternal ControlInvestment
  16. 16
    Optimizing Internal Controls: Safeguarding Howard Street Jewelers
    Words • 777
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    Paper Type:700 Word Essay Examples
    Internal controls serve as the cornerstone of financial integrity within any organization, ensuring the protection of assets and mitigating the risk of fraudulent activities. Unfortunately, the oversight of key internal control concepts by the Levis, owners of Howard Street Jewelers, allowed Betty's embezzlement to persist. This essay critically examines the lapses in internal controls, explores the role of the CPA in fraud detection, and provides comprehensive recommendations for the Trubeys to establish a robust control environment. 1. Internal Control Lapses…
    BusinessCase StudyInternal Control
  17. 17
    Comptronix Corporation: Assessing Risk Factors for Controls and Inherent Risk
    Words • 2577
    Pages • 10

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    Paper Type:2500 Word Essay ExamplesEvaluation Essay
    1. Professional auditing standards present the audit risk model, which is used to determine the nature, timing, and extent of audit procedures. Describe the components of the model and discuss how changes in each component affect the auditor’s need for evidence. The audit risk model is used to determine the nature, timing, and extent of substantive audit procedures. The components of audit risk model usually stated as follows: DR = AR/(IR x CR) Where: DR = detection risk; AR =…
    AuditCorporationFinancial StatementInternal Control
  18. 18
    Unethical Practices and Behavior in Accounting
    Words • 651
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    Paper Type:600 Word Essay Examples
    The Sarbanes-Oxley Act of 2002 (SOX) was developed to prevent deceptive financial activities, and to provide financiers with more accurate monetary resources on corporations. Under SOX, companies are held responsible if they fail to keep the requirements that were set forth in the act. The act requires business to maintain acceptable internal control measures, provide responsible monetary reports, disclose regular reports, and establish rules for yearly reporting. (Hazels, 2010) These requirements are all part of the Typically Accepted Accounting Principles…
    AccountingAuditBehaviorEthicsFinancial StatementInternal Control
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