For finance class Case Study Example | Topics and Well Written Essays - 500 words

For finance class - Case Study Example The President had to meet with a few internal control requirements to take the company to the next higher level i.e. to go public. The internal control aspects that need to be considered by the President are planning, controlling and workforce maintenance. Planning is one of the major steps that should be taken in an effective way so that future problems can be identified easily and corrective measures can be taken to deal with bigger issues in the future. Controlling involves certain processes such as departments, policies and activities of the employee. For LJB Company, the entire unit should be segmented in departments with specific tasks assigned to each department to make the operations smoother. The President of LJB should take a strong step towards implementing the company’s terms and policies because they ensure that the employees perform under stipulated guidelines and provide their best as they are able to remain focused towards their responsibilities. 2. Advise the President of what the company is doing right (they are doing some things well) and also recommend to the President whether or not they should buy the indelible ink machine. When you advise the President, please be sure to reference the applicable internal control principle that applies. According to LJB Company’s operational process as a small firm, the President implemented certain appropriate internal controlling measures. In this context, it can be stated that the company has been able to attain certain positive outcomes which has facilitated them to the desire of taking the business to public. The terms and policies applied in LJB were quite strong because an employee was fired by the President when he was found guilty of wrongdoing within the company premises. This shows active involvement and ability to demonstrate proper control by the