Internal Control Paper

INTERNAL CONTROL PAPERThe procedures involved in bankers bills collectable for Jamona.com is reviewed in distend and this paper assesses the strengths and weaknesses of their inbred forecast system. The required additional trains to dance back the weaknesses are discussed in detail. The recommended and existing controls are canvas and individually control is rectify as preventive, detective, or corrective. Overview of ingrained ControlInternal control is the term use to describe the policies, plans, and procedures implemented by a firm to cherish the assets of the organization. The indwelling controls are tools that the instruction, be on of directors and some other employees should tin by. Management is responsible for creating these policies and to embolden employees to abide by the policies (Moscove & ampere; Simkin & Bagranoff, 2003, p. 4). Strengths of Jamona?s essential controlsSeveral strengths are identified by care replete(p)y reviewing the procedures involved in Jamona?s accounts collectible department. The fix manager (a) receives trust bills in mail, (b) routes invoice to accounts payable department, c) receives coin bank statement, cancelled checks, (d) accounts for numerical age of checks and files them in numerical place are identified as strengths in Jamona?s intrinsic control system. The manager responsibilities are identified as strengths because knowledgeable process aims to isolate financial approvals so as to enhance a separation of duties.

The site manager prevents employees accessing checks by the castigate way story and file them in numerical sequence. The account payable department a) reviews invoice, b) principles for fit expense account, c) enters account payable into accounting system are considered as strengths in their informal control system. By well-nigh reviewing all invoices prior to stipend prevents guile and ensures payments are make to related transactions only. appointment a proper code for severally expense get out dish up the management to ascertain the total expenses incurred for each activity. Weaknesses of Jamonas internal controlsThe office manager... If you desire to get a full essay, order it on our website: Ordercustompaper.com

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