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Internal Control Case Study. Some of the important independent components of internal control system which an organization should have are:
The first 200 words of this essay...
Internal Control Case Study
The content of this report is based on the methods adopted by an organization to preserve its assets, increase its operation efficiency and enhance reliability of accounting records and also to ensure that the organization is in accordance with the laws and regulations of that country. In other words assuring high standard of business & ethical practices permeate those activities which surround the organisation and optimally utilising its resources.
Some of the important independent components of internal control system which an organization should have are:
* Control operating environment
* Risk assessment
* Control Activities
* Information systems & communication methods
* Monitor performance
In LJB case we can clearly see that the organization do not have an effective internal control system. If the company is thinking to go to public in near future it has to formulate a proper internal control system. The first and the most important component of an internal control system in an organization is leadership which comes in the control operating environment. It is the firm leader's responsibility to ensure that the organization values integrity and any unethical activity would be punished. Secondly,
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