Accounts Ia
Topic
Internal Controls
Title
An analysis of the Internal Controls used in the Finance department at COLFIRE.
Research Questions
1. How are internal controls used at COLFIRE?
2. How does COLFIRE use internal control to operate their operations?
3. What are the major internal controls principles used at COLFIRE?
Organization
COLFIRE. (Colonial Fire and General Insurance Company Limited.)
ACKNOWLEDGEMENT
I would like to thank my teacher Mr. N. Cooper for giving me the necessary information to assist me in the formation of this internal assessment. Also my external teachers, Mr. Lawrence for giving me the encouragement I needed.
Most of all, I would like to thank the secretary and the other employees of the finance department for taking the time involved, in assisting me in my internal assessment, such as the various clerks, representatives and of course the manager for giving me his permission to do so.
Lastly, I would like to thank my parents in giving me the encouragement to complete this important project.
INTRODUCTION
In accounting Internal Control is defined as “a process affected by an organization's structure, work and authority flows, people and management information systems that are designed to help the organization accomplish specific goals or objectives” (cited by Anderson, Chris. Writing Accounting Procedures for Internal Control, Bizmanualz, November 17, 2008). Additionally by investigating internal controls, observance was used and applied additional theory of how a locally insurance company still initiates in their cultural practices to suit their short and long term expectations which so ever reflects on each department including the finance department. This paper would explore the pros and cons of Internal Controls. So too, this paper seeks to present the ways in which an insurance company i.e. COLFIRE utilized the various internal control principles effectively to execute their objectives.
At present, COLFIRE’S financial department
Internal Controls
Title
An analysis of the Internal Controls used in the Finance department at COLFIRE.
Research Questions
1. How are internal controls used at COLFIRE?
2. How does COLFIRE use internal control to operate their operations?
3. What are the major internal controls principles used at COLFIRE?
Organization
COLFIRE. (Colonial Fire and General Insurance Company Limited.)
ACKNOWLEDGEMENT
I would like to thank my teacher Mr. N. Cooper for giving me the necessary information to assist me in the formation of this internal assessment. Also my external teachers, Mr. Lawrence for giving me the encouragement I needed.
Most of all, I would like to thank the secretary and the other employees of the finance department for taking the time involved, in assisting me in my internal assessment, such as the various clerks, representatives and of course the manager for giving me his permission to do so.
Lastly, I would like to thank my parents in giving me the encouragement to complete this important project.
INTRODUCTION
In accounting Internal Control is defined as “a process affected by an organization's structure, work and authority flows, people and management information systems that are designed to help the organization accomplish specific goals or objectives” (cited by Anderson, Chris. Writing Accounting Procedures for Internal Control, Bizmanualz, November 17, 2008). Additionally by investigating internal controls, observance was used and applied additional theory of how a locally insurance company still initiates in their cultural practices to suit their short and long term expectations which so ever reflects on each department including the finance department. This paper would explore the pros and cons of Internal Controls. So too, this paper seeks to present the ways in which an insurance company i.e. COLFIRE utilized the various internal control principles effectively to execute their objectives.
At present, COLFIRE’S financial department
References: • Questionnaires answered by; COLFIRE’s finance department employees (20 persons). • Article via Manuals and Documents Company’s manual: - Purchases section page 27 (updated 2002) - Cash receipts section; page 42 (updated 2005) • Internet sources 1. http://colfire.com/LinkClick.aspx?fileticket=k__MbH0Deo8%3D&tabid=62&mid=453 2. http://www.businessdictionary.com/definition/internal-control.html