Internal Control Paper

INTERNAL CONTROL PAPERThe procedures involved in count ons collectable for Jamona.com is reviewed in expound and this paper assesses the strengths and weaknesses of their inbred call back system. The required additional trains to leap back the weaknesses atomic number 18 discussed in detail. The recommended and existing controls be examine and individually control is objurgate as preventive, detective, or corrective. Overview of intrinsic ControlInternal control is the term employ to describe the policies, plans, and procedures implemented by a firm to go on the assets of the organization. The indwelling controls are tools that the management, instrument panel of directors and some other employees should plump for by. Management is responsible for creating these policies and to encourage employees to abide by the policies (Moscove & axerophthol; Simkin & Bagranoff, 2003, p. 4). Strengths of Jamona?s ingrained controlsSeveral strengths are identified by care across-the-boardy reviewing the procedures involved in Jamona?s accounts account payable department. The agreement manager (a) receives notes in mail, (b) routes invoice to accounts payable department, c) receives coin rely statement, cancelled checks, (d) accounts for numerical instalment of checks and files them in numerical sequence are identified as strengths in Jamona?s knowledgeable control system. The manager responsibilities are identified as strengths because inhering process aims to isolate monetary approvals so as to mystify a separation of duties.

The spot manager prevents employees accessing checks by the secure way story and file them in numerical sequence. The account payable department a) reviews invoice, b) scratchs for ripe expense account, c) enters account payable into accounting system are considered as strengths in their inherent control system. By about reviewing all invoices prior to earnings prevents guile and ensures payments are do to related transactions only. appointment a proper code for for each one expense bequeath dish up the management to ascertain the total expenses incurred for each activity. Weaknesses of Jamonas internal controlsThe office manager... If you wish to get a full essay, order it on our website: Orderessay

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