Controls for Inflows ACC/544 7/10/2013 Controls for Inflows Internal controls play an important role in the success of any organization. The following is a proposal for appropriate controls to cover cash‚ sales‚ accounts receivable‚ inventory‚ and production. Controls Justification Cash Safeguarding Cash Cash Receipts Reconciliation Segregations of Duties Accessing cash should be restricted and kept in a locked and safe compartment. Cash should be recorded immediately upon
Premium Management English-language films Finance
for an Internal Control System ACC/544 December 2‚ 2013 Justification for an Internal Control System The internal control system has been used since the company was in need of the system and until this day it has been working to its fullest potential. Internal control plays an important key in making sure that the accounting information‚ financial data‚ meeting the targets‚ and ensuring that the management policies are getting followed. There are two elements in making an internal control
Premium Investment Risk Risk management
When does employee fraud occur? It is commonly accepted that the presence of the three elements of the “Fraud Triangle” increases the risk of employee fraud: Motivation: The employee is somehow motivated to commit a fraud. Economic factors such as personal financial distress‚ substance abuse‚ gambling‚ overspending‚ or other similar addictive behaviors may provide motivation. The current national economic recession may serve to increase the incidence of such financial motivations. Opportunity:
Premium Fraud Ponzi scheme Credit card
TABLE OF CONTENTS 1.0 INTRODUCTION 2 2.0 Role of internal control 2 2.1 Management: 2 2.2 Board of Directors: 3 2.3 Auditors: 3 2.4 Staff and junior managers 4 3.0 NEW RULES OF INTERNAL CONTROL 4 4.0 THE GOOD AND THE BAD 10 5.0 RECOMMENDATIONS 12 6.0 REFERENCES 14 1.0 INTRODUCTION Internal control is defined as a process affected by an organization ’s structure‚ work and authority flows‚ people and management information systems‚ designed to help the organization
Premium Internal control Auditing Internal audit
Common Flowchart Symbols The process symbol represents a process‚ action‚ or function. It’s the most widely-used symbol in flowcharting. The document symbol represents the input or output of a document. Examples of input are receiving a report‚ email‚ or order. Examples of output are generating a presentation‚ memo‚ or letter. The decision symbol indicates a question to be answered—usually yes/no or true/false. The flowchart path may splinter into different branches depending on the
Premium Output Flowchart Input/output
Internal Controls for Information Technology ACC 544 September 2‚ 2013 Miriam Shealy Internal Controls for Information Technology Internal controls for Information Technology are important as they help protect the company’s assets. Internal controls are necessary to comply with the security of the company’s information. Internal controls will be reviewed in this document as well as how can the company review its security over their internal controls. The assets of the company need to be
Premium Security Management Protection
Assignments: 1. INDIVIDUALLY‚ prepare an Excel flowchart for the narrative posted on D2L. Submit your Excel file of your flowchart before the deadline posted on the D2L drop box. Identify the appropriate individuals‚ departments‚ or computer processing involved within the business process. Label the columns with these items. Identify the steps‚ procedures‚ and documents used in the process. Use the appropriate symbols to depict who does the steps and procedures‚ how documents originate‚ how
Premium Flowchart Data flow diagram Diagram
The topic being researched is how Kudler Fine Foods can improve the success of the business by preparing for possible competition‚ and streamlining expansion procedures. The sources used are the Kudler Fine Foods Strategic Plan‚ and The University of Phoenix online databases. Findings suggest that implementing a research and market analysis plan‚ as well as an effective risk management plan will ensure successful expansion and growth of Kudler Fine Foods. A risk management plan and market analysis
Premium Marketing
Internal Accountant Brief Candace Schneider ACC/544 April 15‚ 2013 Christine Errico Internal Accountant Brief When a business is experiencing an out-of-control accounting system the business might consider hiring an internal accountant to help alleviate the problem. Before a company decides to hire this type of accountant the company should look at the array of services this kind of accountant can provide to the company. Services of Internal Accountants An internal accountant can provide
Premium Financial audit Auditing Internal audit
and will eventually be assumed; the prefix “computer-assisted” will be omitted. The purpose of this paper is to provide information about CAATs. This paper describes CAATs‚ compares CAATs to traditional audit procedures‚ and discusses the costs‚ risks‚ and benefits of using CAATs. The paper also discusses specific types of CAATs such as data analysis software‚ the test data technique‚ utility software and the audit-expert system. It also brings up issues that the auditor may encounter‚ suggests
Premium Internal control Audit Computer