Internal Control Reports Samples For Students

QUESTION # 1:

How does SOX affect the provision of attest and advisory services?
ANSWER # 1:
SARBANES-OXLEY ACT (SOX)
The Sarbanes-Oxley Act of 2002 is a legislation which was brought to light and enacted for the benefit of the shareholders to protect them from the fraudulent practices of the enterprises. The major function of this act was to secure the shareholders from the accounting errors or any intentional mal practices which a company may incur to mislead the shareholders of that company. The Securities and Exchange Commission (SEC) is responsible for administering the act. It is solely responsible for compliance and ...

Internal Control Report

Walmart Stores, which is operating as a retail business, has been trying to turn around its decreasing profits through breaking down its existing clients and as a result, it has brand aspirational customers. They fall into low-income groups but are obsessed with brand names such as KitchenAid. Other customers are wealthier shoppers that are satisfied by the company deals and the volume price shoppers that like low prices. That is they cannot afford much more prices. However, Walmart offers the following products (Corporate.walmart.com):

Beauty products
Electronics
Automotive products
Sporting products
Garden items
Pet suppliers
Housewares
Furniture
The internal ...

Part a

An imperative strategy in any type of business is to make it easy for the customers to acquire the services or buy the goods. This specifically applies in situations where the customers apply or place orders for the services and goods in advance or that are not immediately available. Therefore, Winford services plc have a mandate to make it easy for West River Borough customers to acquire leisure services. In addition, in its accounting activities, it must conform to all the regulatory financial reporting requirements. The accounting activities that Winford Services plc will be undertaking are important because they will ...

Internal Controls

Internal Controls

Report

Introduction: I was asked by the president of LJB Company to write a report on the current internal control measures of LJB Company and required internal control measures after becoming public company.

Main Report:

New internal controls requirements
The internal controls of public company or listed companies play an important role in the integrity, professionalism and the compliance of corporate governance codes. According to the corporate governance codes, it is very important for the public companies to have proper and legitimate internal control department. The internal control department is also known as internal audit department. Due to the interest ...

Analysis Tools

Analysis Tools
The aim of this financial and analysis report is to evaluate the performance of Ford Motors as one of the companies enlisted in Fortunes 500.

Accounting for assets
The Ford’s net property is valued at a cost, less the accumulated impairments and depreciation. The company capitalizes new assets when the management expects to utilize such an asset for more than 12 months. The company also expenses the repair and maintenance costs as they occur. The cost of depreciation is calculated by the use of the straight-line approach over the approximated useful asset life. The straight-line method ...

Audit Plan

In accordance to ISA 300, an audit plan refers to the general plan and detailed approach that the auditor intends to use in the process of conducting the audit with reference to the spread of the audit the scope and timing. Also, the plan takes into consideration matters that relates to risk and materiality concepts (Moeller, 2010). A plan is essential to the audit process since it is used to improve on the efficiency of carrying out the audit process hence ensuring that the process is concluded in a timely manner. However, the form and the nature of the audit ...

Introduction

Walmart is a popular retail store operating on several continents. Its head office is in Bentonville. The company has adopted a business model of selling a variety of consumer products at a low price to grow its market. Unlike its competitors the company does not charge suppliers any slotting fee, however, it provides incentives to store managers so that they can stock fast moving goods. The company operates supermarkets, hypermarkets, cash and carry stores, restaurants, apparel stores, digital retail, warehouse clubs, and specialty electronics. I had the opportunity to interact with my cousin who works for the company. In ...

easyJet Plc’s Governance Disclosures: A Critical Evaluation
1. Introduction
The concept of corporate governance has gained considerable significance since the collapse of a series of corporate giants including banks worldwide followed by the global financial crisis 2008-09. The global financial crisis led to huge financial losses and massive job cuts across the globe, particularly in United States and United Kingdom. Official investigations following the crisis revealed that accounting fraud and other top management malpractices contributed notably to high-profile corporate scandals. In response to these reports, the UK government designed and enacted the UK Corporate Governance Code that specifies ...

Auditing - 2

Report
Introduction: I was asked by the management of Cotton Company to perform an audit review on their current controls in sales and cash receipts and identify their strong controls in the existing system. Moreover, I was asked to provide a detail of the deficiencies in the internal controls and provide their recommendations.

Main Report:

Existing Controls in Sales and Cash Receipts:
Sales on store’s own billing:
The sales made in the Cotton Company are made on their own billing receipt instead of using the credit cards from the customers. Most of the sales of the Cotton Company is ...

The main section of NIKE Corporation annual report

Management discussion and analysis of financial condition and results of operation overview
The component provides a framework of organization operations in terms of product provision, the nature of the products provided and the set strategies. The component is important since it provides an overview of financial performance of the organization and its sustainability strategies and measures.

The auditor’s report.

This is a very crucial component of an annual report as information regarding the credibility of the financial statement is explained. The component provides a true and fair view of the organization financial position.

Consolidated statement of Income.

This is basically the performance of the organization in the realization ...

Company Analysis: Ford Motors

Company Information
1 Name of Company:

Ford Motors

2 State of Incorporation:

Delaware

3 Stock Symbol: ‘F’
4 What is the company’s main product?

Automobiles

5 What is the URL for company’s website? What does it contain?
http://www.ford.com/. The URL guides the investor about the company, its
products, investor relations, media relations, et cetera
6 Who is the company’s auditor? (Not audit committee)

Pricewater House Coopers

7 On what page are the four financial statements located

Statement of Operations (or Income Statement)- Page 102

Balance sheet (or Statement of Financial Condition)- Page 104
Statement of Owner’s Equity – Page 102
Statement of Cash Flows- Page 106
Weekly Stock Price(4thJan’ ...

Intel Corporation

In this paper, I use the annual report for Intel Corporation for the year ended 31st December, 2014 to answer the said questions.

Relevant information revealed by the income statement

The income statement for Intel gives valuable information on the total revenue for the company in the last three years. Total revenue is important since it directly determines the net profit and the profitability of the company. In the year ended December 2014, Intel total revenue was $55,870 million. In 2013, the company’s total revenue was $52,708 million while in 2012; the figure was $53,341 million. This information is important in determining ...

Introduction

Sarbanes Oxley Act, commonly known as SOX, has come into being in 2002 and its compliance is mandatory for reporting of financial information by firms. The aim of this paper is to discuss Sarbanes Oxley Act of 2002, the reason of its creation and how it prevents inappropriate behaviour in financial reporting. The paper has three sections. The first section discusses what Sarbanes Oxley Act, 2002 is and the need for the creation of such an act. The second section re-establishes the role of Sarbanes Oxley Act (2002) in the prevention of fraudulent financial reporting. The third section concludes ...

1.0 Comprehensive analysis of a company's operations and performance
AACo is a world leader in the beef industry and other anima food sector with its over 600 thousand head of cattle and operate in 19 cattle stations across Australia. It also has two feedlots and three farms that are spread across more than 7.2 million hectares of land across Queensland and other parts of Northern Australia (AACo 2013).
The company was established in 1824, and is still standing firm as the oldest and continually operating company in Australia (AACo 2013). In terms of maintaining its continuous business operation, the ...

Introduction

For the purpose of analyzing the governance structure of a business in New Zealand, Mighty River Power has been chosen. Mighty River Power is a New-Zealand headquartered electricity generation company, which was formed in the year 1999 after splitting from the Electricity Corporation of New Zealand. On May 2013, the firm was partially privatized by the government, with the government retaining 51.78% stake and the remaining 48.22% of the stake held by private investors. They generate electricity in a number of ways; which also includes hydroelectric power and geothermal plants located in various parts of the country. They are a major source of ...

Under Armour, Inc and Subsidiaries annual report

Introduction
Annual report of any company is aimed at relaying critical information about the company to shareholders. This paper discusses the annual report of Under Armour, Inc and Subsidiaries as of December 31, 2011.

The main sections of the annual report of Under Armour, Inc and Subsidiaries

The annual report of Under Armour, Inc and Subsidiaries comprise five main sections; letter to shareholders by the Chairman, management discussion, auditor’s report, financial statement and notes to the financial statement. The letter to shareholders by the chairman summarizes the core business of the company, the performance of the company, the future outlook and what the company intends to do in the future. ...