law office of vincent l. penta accounts receivable & billing

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