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Acct504 Essay

659 words - 3 pages

Prepared for: Jon Adams – President of LJB Company
Date: December 1, 2013

After meeting with Mr. Smith, the president of LJB Company, he has informed me of his decision to make the company a public entity. Before this process can happen, we must first review any new rules or regulations that apply to private companies going public. Good corporate governance within an organization could make a company more attractive to potential buyers, investors, and other capital sources. After reviewing the Sarbanes-Oxley Act 404 of 2002, all public traded US corporations are required to maintain an adequate system of internal controls. The field of internal controls comprises of an organization's ...view middle of the document...

  There are too many employee’s that have access to funds that is not documented nor is this process of handling the petty cash allowing management to know what the funds are used for.  We will now assign one person to handle the distribution of funds as well as time slots. This correspondence will be conveyed via email as to when the funds would be needed, the purpose for the usage of the funds and approval information to the party in who’s making the request. This procedure falls under the internal control principles to cash receipts.  
Also, in an effort to monitor the action of LJB Company employees, specific usernames will be assigned. This will allow upper management to know who is logging on to what computer and what is being viewed. Upper management will have specific usernames that depict their job description.
Finally, before a person is hired as an employee here at LJB Company, a thorough background check will be conducted by members of the FBI that will consist of an individual’s social security number and finger printing.  This will ensure that we...

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