Business Case Study Assignment Help

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Case Study Assignment Help on Internal Control   


Business Case Study Assignment Help Answer: New Internal Control Requirements If the company decides to go public there will be some new internal control requirements. For public companies, it is necessary that they follow Sarbanes-Oxley Act of 2002. It is necessary that there should enough personnel in the accounting and financial departments so that they can easily meet with additional responsibilities that can be found as a company is going to the public. For public companies, it is also important that they build sound principles in order to put control over financial reporting system of the company.


The report must also provide the information related to firm’s independent public accountant, who audited financial statements incorporated in the annual report. Management of public companies is also responsible for disclosing any material weakness identified to the public. Assignment Help Business along with this, the board of directors will assume more responsibilities as a result of the firm going public. For example, if the board of directors includes relatives and friends, there is a need of changing the composition consists of independent industry experts. Thus, there will be some new requirements as a company is going to the public.


Advise to President and Recommendation: According to case analysis by the business assignment helper experts, LGB Company is a relatively lean organization; they have a lot of faith in their long-term employees. It reflects that company has been doing well as it has long-term employees. Long-term employees are highly committed towards organization’s goals and develop a great working environment. Similarly, the company also keeps trust into employees that will strengthen the company. Human resource in a company act as an asset and by effectively put control on these assets company can gain the sustainable competitive advantage in the market.


According to the effective internal control system principle, it is important that organizations have faith in their employees so that they can generate an effective working environment. It is recommended to the President that they should buy the indelible ink machine as it will provide several benefits to the company. In order to have all the checks being printed accounted for, pre-numbered checks are best considered. Thus, a decision of buying indelible ink machine is good for the company. LGB Company provides easy access to petty cash to all employees and this is the thing that company is doing wrong. It is because the employee can misuse the petty cash that can hamper the financial situation of the company.


In the comparison of this, there should a cashier in the company, who will be responsible for keeping a document on who took what and when. Similarly, hiring process used by the company is also not so effective. In order to improve this process, a screened and background check for new employees need to be mandatory. At the same time, for the internal controlling purpose, it is important that three different functions such as authorization of transactions, recording of transactions and custody of assets are performed by different people in the organization. It is because if one person will perform all of these functions, there will no independent check for mistakes. Further, it will increase the chance of fraud and errors can also be undiscovered for a long period of time. All these can hamper the internal control system of the organization.


LGB Company violated this principle of internal control as it has only one accountant, who serves as Treasurer and Controller. In this dual role, he purchases and paid for supplies. At the same time, he also receives the check and completes the monthly bank reconciliation. It is possible that accountant can make fraud as he handles two related activities. As a company is going to the public, it is important that there should two accountants for Treasurer and Controller work. It is recommended to the company that they should segregate duties for different functions such as record keeping from physical custody, documentation and verification. All these will help the company to create an effective internal control system.


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