Reconsidering the Role of Internal Controls in the COVID-19 Era

2021 ◽  
Author(s):  
Cevdet Kizil ◽  
Funda Kizil ◽  
Burçin Dolaz
Keyword(s):  
Internal Controls

What's Happening to Profits at Cazenovia Creations?

2013 ◽  
Vol 8 (1) ◽  
pp. 24-29 ◽  
Author(s):  
Margaret Garnsey ◽  
Andrea Hotaling
Keyword(s):  
Financial Analysis ◽  
Financial Statements ◽  
Internal Controls ◽  
Net Income ◽  
Database Query ◽  
Microsoft Access ◽  
Level Data ◽  
Query Tool ◽  
Transaction Level

ABSTRACT In this case, students assume the role of an accounting professional asked by a client to investigate why net income is not as strong as expected. The students must first analyze a set of financial statements to identify areas of possible concern. After determining the areas to investigate, the students use a database query tool to see if they can determine causes by examining transaction level data. Finally, the students are asked to professionally communicate their findings and recommendations to their client. The case provides students with experience in using query-based approaches to answering business questions. It is appropriate for students with basic query and financial analysis skills and knowledge of internal controls. A Microsoft Access database with transaction details for the final seven months of the current year as well as financial statements for the current and prior year are provided.

CEO and CFO Equity Incentives and the Pricing of Audit Services

2013 ◽  
Vol 33 (2) ◽  
pp. 1-25 ◽  
Author(s):  
B. Anthony Billings ◽  
Xinghua Gao ◽  
Yonghong Jia
Keyword(s):  
Positive Association ◽  
Audit Fees ◽  
Internal Controls ◽  
Audit Risk ◽  
Pricing Decisions ◽  
Equity Incentives ◽  
Accounting Scandals ◽  
Using Data ◽  
Distinctive Role

SUMMARY: The alleged perverse role of managerial incentives in accounting scandals, and the distinctive role of auditors in identifying and intervening in attempted earnings manipulation, highlight the importance of explicitly considering executive incentive plans by auditors in the auditing process. By empirically testing auditors' responses to CEO/CFO equity incentives in planning and pricing decisions using data from 2002 through 2009, we document compelling evidence that CFO equity incentives are positively associated with audit fees and CEO equity incentives are not statistically related to audit fees, suggesting that auditors perceive heightened audit risk associated with CFO equity incentives. Our further analyses reveal that the positive association between CFO equity incentives and audit fees is more pronounced in firms with weak internal controls, indicating heightened risk associated with CFO equity incentives in this setting perceived by auditors. JEL Classifications: G30, G34, M42, M52.

scholarly journals PERANAN AUDIT INTERNAL DALAM MENUNJANG EFEKTIVITAS PENGENDALIAN INTERNAL ATAS BIAYA PRODUKSI AIR MINUM DALAM KEMASAN 240ML PADA PT. AQUA GOLDEN MISSISSIPPI TBK.

2016 ◽  
Vol 2 (1) ◽  
pp. 46-65
Author(s):  
Arief Tri Hardiyanto
Keyword(s):  
Internal Control ◽  
Production Cost ◽  
Rank Correlation ◽  
Internal Audit ◽  
Internal Controls ◽  
Bottled Water ◽  
Production Costs ◽  
Control Cost ◽  
Strongly Agree

This study shows how the role of internal audit is adequate can play a role in supporting the effectiveness of internal controls over the production cost of bottled water 240ml at PT. Aqua Golden Mississippi Tbk. (Branch Mekarsari). The method used in this research is descriptive statistic by using Spearman Rank correlation coefficient with n = 15 and a significant level of 0.05. Based on the research that has been described, it can be concluded that the respondents in the role of internal audit is adequately provide answers strongly agree and agree amounting to 96.1% of respondents regarding the effectiveness of internal control over production costs by 97.02% answered strongly agree and agree, The role of internal audit in supporting the effectiveness of internal controls over the production cost of bottled water 240ml including a very strong, which is 89.96%. While the remaining 10.04% influenced by other factors not included in the research conducted by the author. Thus it can be said that adequate internal audit was instrumental in supporting the effectiveness of internal controls over the production cost of bottled water 240ml at PT. Aqua Golden Mississippi Tbk. (Branch Mekarsari).Keywords: Internal Audit, Internal Control, Cost of Production

Integrating AIS and Accounting for Income Taxes: From Calculation to Disclosure

2010 ◽  
Vol 25 (3) ◽  
pp. 583-597 ◽  
Author(s):  
Tina M. Loraas ◽  
Kimberly Galligan Key
Keyword(s):  
Control Problem ◽  
Internal Control ◽  
Word Processing ◽  
Internal Controls ◽  
Income Taxes ◽  
Online Retailer ◽  
Organic Foods ◽  
And Control ◽  
Accounting For Income Taxes

ABSTRACT: TK Foods, Inc. is a leading online retailer of whole and organic foods, and while this company is doing well, management is struggling with accounting for income taxes. The case requires you to take the role of a consultant who has been hired to calculate the provision of income taxes and to create a template for the footnote disclosure using spreadsheet and word processing tools. Further, TK requires documentation regarding both the process and internal controls surrounding this calculation. This case will further your understanding of accounting for income taxes, expose you to a significant internal control problem faced by many corporations, and develop your spreadsheet skills from both computational and control standpoints.

scholarly journals La auditoría y el control como base para minimizar los riesgos en ambiente empresarial moderno

2016 ◽  
Vol 3 (3) ◽  
pp. 106-112
Author(s):  
Sidia Vera Gutiérrez ◽  
Teresa Avilés Flor ◽  
Erika Quiñónez Alvarado
Keyword(s):  
Internal Control ◽  
Code Of Ethics ◽  
Control Process ◽  
Internal Controls ◽  
International Standards ◽  
Virtual Communication ◽  
New Horizons ◽  
Training Institutions ◽  
And Training

Este estudio tiene como objetivo determinar el rol fundamental que tienen las Universidades como entidades de formación, en la difusión y fijación de conceptos, criterios modernos y herramientas de un adecuado control interno integrado, también establecer los riesgos que enfrentan las entidades en el entorno moderno, con el fin de que el auditor logre una buena gestión y adecuada rendición de cuentas a la sociedad. Se discernió sobre los cambios de tendencias en la información y comunicación virtual, para evaluarlas y prever sus efectos, se concluyó que los auditores modernos ante la globalización y la velocidad de la información y comunicación virtual, requieren nuevas y diferentes técnicas, así como habilidades de evaluación de los controles internos pero principalmente un cambio en las conceptualizaciones del proceso de control y una actitud crítica para lograr mayor eficiencia en sus organizaciones, que garantice el cumplimiento de las Normas Internacionales de Auditoría y Código de Ética. Un Auditor tradicional de evaluación de control interno, enfrenta un gran desafío, realizar un trabajo más complejo y de mayor alcance a través de la evaluación de los modelos que se propondrán, a fin de determinar adecuadas estrategias para definir nuevos horizontes que maximicen oportunidades y minimicen riesgos.Abstract This study aims to determine the fundamental role of universities and training institutions in the diffusion and fixing concepts, modern criteria and tools of an adequate integrated internal control also establish the risks faced by entities in the modern environment, in order the auditor to achieve good management and proper accountability to society. He discerned on the changing trends in information and virtual communication, to assess and predict its effects, it was concluded that modern auditors to globalization and the speed of information and virtual communication, require new and different techniques and skills evaluation of internal controls but mainly a change in the conceptualizations of the control process and a critical attitude to achieve greater efficiency in their organizations, to ensure compliance with the International Standards on Auditing and Code of Ethics. A traditional Auditor evaluation of internal control, facing a great challenge, a more complex and far-reaching work through the evaluation of the models proposed, in order to determine appropriate strategies to define new horizons that maximize opportunities and minimize risks  

Ovarian cancer treatment: what is new

2003 ◽  
Vol 13 (Suppl 2) ◽  
pp. 241-250
Author(s):  
A. Poveda
Keyword(s):  
Ovarian Cancer ◽  
Combination Chemotherapy ◽  
Advanced Disease ◽  
Single Agent ◽  
Internal Controls ◽  
Phase Iii ◽  
Controversial Issues ◽  
International Consensus ◽  
Early Phase Clinical Trials

Ovarian cancer is still the fourth cause of death by cancer among women and the most fatal among gynecological tumors. The purpose of this symposium is, year after year, to report and discuss the new developments in the treatment of patients with ovarian cancer, the majority of whom still present with advanced disease. It also tries to make it clear to the participants what is evidence-based and what is not. Mature data of both classic studies like GOG-111, OV-10, and more recent studies like GOG-158, AGO-OVAR-3, and the intergroup paclitaxel/epirubicin/carboplatin (TEC) versus paclitaxel/carboplatin (TC) study have been presented. Other current controversial issues included in this edition were sequential single-agent versus simultaneous administration of combination chemotherapy, the role of combination chemotherapy in second-line treatment, the role of consolidation therapy, the role of anthracyclines in the treatment, and cost-effectiviness studies in ovarian cancer. Although the main topic of the symposium is advanced disease, this edition included the results of two parallel randomized studies (ACTION and ICON1) on the treatment of early disease. In addition, new trends in early detection of ovarian cancer have been updated.The pace of new agent development has increased, and it would be helpful to have more efficient preclinical models and early phase-clinical trials to guide the selection of active agents for phase III evaluation. Reaching international consensus is a challenge but offers the opportunity to test multiple regimens more efficiently against a single-control population, rather than conducting multiple smaller studies with redundant internal controls. If indeed answers to the relevant questions are to be obtained more quickly, then, a network of current national or international groups could potentially facilitate this.

The Role of Internal Controls in Corporate Governance Systems

2019 ◽  
pp. 260-274
Author(s):  
Ibrahim Oba
Keyword(s):  
United States ◽  
Corporate Governance ◽  
Significant Role ◽  
Internal Control ◽  
The United States ◽  
Internal Controls ◽  
Governance Systems ◽  
Interest In Research ◽  
Corporate Government

The recent scandals and corporate failures in the United States and in Europe have led to a renewed interest in research of corporate governance. The objective of this chapter was to explore the role of internal control in enhancing the corporate governance and supervise the functionality of the implementation of the corporate government principles. The results show that the internal control has a significant role in enhancing the corporate governance pillars in companies, and the successes of corporate governance requires compliance with all elements of internal control.

ANALISIS HUBUNGAN ANTARA ENTERPRISE RESOURCE PLANNING DENGAN EFEKTIVITAS PENGENDALIAN INTERNAL PADA SEKTOR PERBANKAN

2015 ◽  
Vol 13 (2) ◽  
pp. 1
Author(s):  
Teguh Puspandoyo
Keyword(s):  
Information Systems ◽  
Enterprise Resource Planning ◽  
Internal Control ◽  
Banking Sector ◽  
Internal Audit ◽  
Resource Planning ◽  
Internal Controls ◽  
Integrated System ◽  
Final Conclusion

Development of information technology in the sector of accounting has been think out an integrated system called Enterprise Resource Planning (ERP). In Indonesia, this system has been adopted by some commercial banks. This paper discusses the relationship between ERP with the effectiveness of internal controls through the case study on the banking sector. This is done because of the discovery of the problem regarding the number of cases of fraud and bank percing caused by weak internal controls, although some banks have implemented ERP that one of the benefits is to increase the effectiveness of internal control. The purpose of this paper is to provide evidence related to previous studies that comes from the journal of information systems and accounting journals related to ERP implementation and internal controls. Data collection method in this paper is the study of the documentation from the accounting literature and information systems. From the analysis, there are five factors that play a role similar in the success of the implementation of the ERP system and increase the effectiveness of internal controls. The solution to overcome the problem of internal controls in the banking sector which is using the five critical success factors above coupled with the strengthening of the role of the Internal Audit Unit. The final conclusion is that the factor of leadership support, employees, business processes, employee education, corporate management, and strengthening the role of Internal Audit can improve the effectiveness of internal control of a bank that has implemented ERP.

scholarly journals The Role of Accounting in the Reduction of Money Laundering Operations - Current Practice: An Empirical Study in the Kingdom of Saudi Arabia: دور المحاسبة في الحد من عمليات غسل الأموال ــ الممارسة الحالية: دراسة ميدانية في المملكة العربية السعودية

2019 ◽  
Vol 3 (12) ◽  
Author(s):  
Saleh A. Al- Saad, Khadija Mohammed Al- Amoudi
Keyword(s):  
Money Laundering ◽  
Current Practice ◽  
Internal Controls ◽  
Kingdom Of Saudi Arabia ◽  
Financial Reports ◽  
Accounting Systems ◽  
Policies And Procedures ◽  
Red Flag ◽  
Bank Employees

    This study aims to shed lights on the extent of adherence by Saudi banks to Anti- Money Laundering standards and procedures, and by identifying the extent to which bank employees are aware of red- flag activities and suspicious indicators of money laundering. Furthermore, the study aims to identify the level of effectiveness of accounting procedures and internal controls in regard to preventing and deterring money laundering. This study employs the extrapolation approach. A questionnaire was distributed to bank employees working in Saudi banks. A total of (48) questionnaires were distributed, (36) questionnaires were suitable for analysis. A number of findings have been reached. The most important findings include: first, the significance of adherence by banks to the policies and procedures issued by the Saudi Arabian Monetary Authority. Second, the significance of awareness by Saudi bank employees of the money laundering activities and the procedures to combat them. Third, the direct or indirect contribution of accounting procedures in preventing and combating money laundering through the use of modern accounting systems, financial reports & statements, letters of credit, and accounting books. Fourth, bank employees exhibit high levels of awareness of the money laundering activities and methods of detecting and preventing them. Finally, it has been found that banks implement a number of accounting procedures, and develop internal controls that assist in combating money laundering activities.    

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