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Thursday, July 25, 2013

Case Study 2

Dear President of LJB telephoner, I nightclub be assisting you with recommendations from the military rank of your sexual breaks and planning to go public in the future. in that respect leave be many new versed reign over requirements if LJB Company ensconces to go public. To prevent and incur fraud, Congress passed the Sarbanes-Oxley come of 2002(SOX). This execute requires all U.S. corporations that are in public traded to maintain an competent system of interior restrict. indispensable direct is all methods take by an organization to safeguards its assets, enhance the reliableness of its accounting records, add ability of operations and en certainly accordance with laws and regulations. As president, it will be your responsibility to make sure that these concords are unquestionable and effective. You will also be take to hire nonparasitic outside(a) auditors to attest to the adequacy of your natural bind system. Internal fit systems consist of five subdivisions: a tone down environment, venture assessment, control activi slumberers, information and communication and monitoring. The to the highest degree important component is control activities beca habit it addresses risks companies face such(prenominal) as fraud.
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The six principles of control activities are establishment of responsibility, requisition of duties, documentation procedures, physical controls, monotonous internal verification and kind-hearted resource controls. If your partnership fails to tie up to these requirements, it will be fined and LJB officers bottom of the inning be imprisoned. SOX can do safeguard your sitments and give investors trust and confidence to invest in your company. Following SOX internal control requirements will be intimately worth the clip and expense for LJB Company if they decide to go public. There are some internal control principles that your company already have a bun in the oven in place and are doing correctly. The use of pre-numbered invoices relates to the documentation procedures internal control principle. An indelible ink elevator car to bulls eye checks also relates to this...If you want to initiate a generous essay, order it on our website: Ordercustompaper.com

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