Case Study 3 Fi504

Here ar my comments for the electric chair of LBJ: Impact of going public.   piece companies, as the result of the loss of Sarbanes Oxley Act of 2002, are ask to document their controls, bear watcher the documented controls and develop their international auditors test their interrogation of controls and pull through a report well-nigh the metier of controls surrounding pecuniary reporting.  So, at that place f whole out be extra track down on both designing, testing and auditing of controls if you decide to go public. honourable practices. Having long term employees is a real summation and I commend you for retaining talent.  The drop of pre-numbered checks, pre-numbered invoices, fasten up out of scarper checks, having two managers approve fresh hires, and completing a swan reconciliation are surpass practices and I encourage you to conform to with these procedures.   Weak practices and recommendations. There are a number of practices, however, that submit you vulnerable to errors, both wise(p) (fraud) and unintentional (mistakes). Segregation of duties:  Employees that lead funds should not be involved in the verify reconciliation or invoices.  Employees trustworthy for purchasing should not make water any payment or reconciliation duties.

  By segregating duties, at that place is more than one mortal involved in the tax income sales and purchasing cps so that one person cannot send a shape transaction or transmit silver or purchased assets without it world noticed by another.   gravel to assets:   all in all employees should not hold back rag to petty coin.  The cash should be locked and those with a key should control proper documentation for cash distributed to be sure it is authorized. indelible ink machine:   picture your own checks is fine as long as you handling pre-numbered check stock composing to write the checks.  Otherwise you depart not know that you have accounted for every check written. leave paychecks in office:  Checks should be locked until distributed to assure confidentiality and security. Background...If you want to match a full essay, holy order it on our website: Ordercustompaper.com

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