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Law Office of Vincent L. Penta Accounts Receivable & Billing. Derek Huhta Micah McKee Natalia Meza Shaun Ripplinger. No company names should be given during the class presentation. - PowerPoint PPT Presentation
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Derek HuhtaMicah McKeeNatalia Meza
Shaun Ripplinger
No company names should be given during the class presentation.
last a maximum of 10-15 minutes, not include detailed data flow diagrams, systems flowcharts or matrices, but include the following:
Brief background on the business entity Overview of the accounting information system
you analyzed (start and stop points, internal and external entities)
Overview of internal control environment Controls present and missing System strengths Suggestions for enhancements
Founded 1987
For profit company
Property Law and Real Estate Legal Services
Cowlitz County, Washington
Estimated yearly revenue $90000
Employs five people
Start: Client requests services
Stop: Client’s payment on account
Internal Entities: Owner, Bookkeeper,
Receptionist, Computer
External Entities: Client and the Bank
Hardware: Apple computer
Software: Time Slips and Quicken
Effective and efficient operations Reliable financial reporting Compliance with applicable laws and
regulations COSO Framework
Control Environment Risk Assessment Control Activities Information and Communication Monitoring
Employee Trust
Files available to all employees
Nightly backups
Cross trained staff
Flexible
“A Second Set of Eyes”
Could prevent incorrect information from being keyed in
Reduce mistakes that could lead to improper billing
May help prevent fraud by an employee
Makes the information within the system valid and accurate
Provides documentation if the company is ever audited