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Running head: INTERNAL CONTROLS Internal Controls M & M Group Meri Melvin, Regeana Phillips, Jane Shea, Danyell Singleton University of Phoenix Accounting for Managerial Decision Making ACC 539 Jerry Udoh August 1, 2005 Internal Controls The concept of internal controls has been in existence for many years. The passage and implementation of Sarbanes-Oxley has brought the concept to the fore, especially regarding compliance with applicable laws and regulations. Even without this strict legislation, a company is wise to implement internal controls for the protection of its assets. "Internal control is broadly defined as a process...designed to provide reasonable assurance that objectives are achieved with respect to: the effectiveness and efficiency of the operations of the organization, the reliability of the organization's financial reporting, and the organization's compliance with applicable laws and regulations" (Marshall, McManus, & Viele, 2004, p. 141 chap. 5). The asset, cash, is ultimately involved in all transactions, either directly or indirectly, so most internal accounting...

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