Please join StudyMode to read the full document. A requirement is important to know that all publicly traded U. It is the responsibility of your executives to ensure there are dependable and effective controls in place, and auditors from outside the company must prove to the adequacy of the internal control systems as well. This information must be recorded in an internal control report each fiscal year as a part of the annual Exchange Act report.
Internal Controls Case Study Discussion Accounting, Finance Essay (Essay Sample)
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Get access to this section to get all the help you need with your essay and educational goals. We will provide useful recommendation so that LJB Company will be fully prepared to go public in the near future. Being completely open to our recommendation, the President of LJB Company can expect the organization proficiency level of internal control will secure assets, improve the trustworthiness of the accounting records, amplify efficiency of operations, and guarantee compliance with laws and regulations. In order to accomplish this success, LJB would need to apply five primary components that are consistent of control environment, risk assessment, control activities, monitoring, information and communication. The internal control activities establish simple principles such as: segregation of duties, establishment of responsibility, physical controls, human resource controls, independent internal verification, and documentation procedures. Segregation of Duties The most indispensable internal control system would be segregation of duties.
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