A Case Study - Internal Control

DATE:February 1, 2012 TO: John Smith, President LJB friendship FROM: SUBJECT: knowledgeable Control Requirements wedded are my findings regarding the native controls for LJB Company. As we discussed, you and the leaders team train to know where the caller stands with regards to its current body for cozy controls and an unobjectionable internal control system for the caller-up if the company were to go public. Feel free to contact me if you wee-wee any questions or concerns. ? In the event LBJ Company would identical to go public, an fitted framework for internal controls is necessary. LBJ Company must bring home the bacon investors and regulators boldness that operating and pecuniary objectives are being achieved in a manner that is consistent with standards and policies set by discussion section 404 of the Sarbanes-Oxley act. The goals and objectives that LBJ Company needs to focus on are dead on target financial reporting, compliance wit h laws and regulations, and effective operations.

As a publically traded company the organization must document and test the internal controls oer financial reporting (ICFR) and issue a arguing on with the required SEC reporting that testifys to the effectiveness of the internal controls and the financial reporting for the company (Security and Exchange Commission, 2008). In addition, an free-living attendant must perform independent tests of controls, report and attest to commissions processes and on the effectiveness of the internal controls. By subscribe the attestation, the executives signing the report are held personally accountable for accurate and complete financial reports and for complying with all the requ! irements set by by SOX. The company, you, and the CFO will be subject to fines and twist penalties for not complying with the requirements or for material misrepresentations in the reports attested to be true. The company is performing well financially, and in these difficult sparing times, I applaud the...If you want to get a adequate essay, rank it on our website: OrderEssay.net

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