Internal Control Paper

INTERNAL CONTROL PAPERThe procedures heterogeneous in accounts collectable for Jamona.com is reviewed in elaborate and this paper assesses the strengths and weaknesses of their inbred reckon dust. The required superfluous trains to bounce back the weaknesses argon discussed in detail. The recommended and existing controls be analyzed and individually control is set as preventive, detective, or corrective. Overview of Internal ControlInternal control is the term used to describe the policies, plans, and procedures enforced by a firm to protect the assets of the organization. The indwelling controls argon tools that the management, board of directors and some other employees should abide by. Management is prudent for creating these policies and to encourage employees to abide by the policies (Moscove & Simkin & Bagranoff, 2003, p. 4). Strengths of Jamona?s internal controlsSeveral strengths are identify by carefully reviewing the procedures involved in Jamona?s accounts payable incision. The placement carriage (a) receives invoices in mail, (b) routes invoice to accounts payable department, c) receives coin bank statement, cancelled checks, (d) accounts for numeric eon of checks and files them in numerical sequence are identified as strengths in Jamona?s internal control system. The manager responsibilities are identified as strengths because internal process aims to discriminate financial approvals so as to grow a dissolution of duties.

The business manager prevents employees accessing checks by the right way tier and filing them in numerical sequence. The account payable department a) reviews invoice, b) codes for beseeming expense account, c) enters account payable into acco! unting system are considered as strengths in their internal control system. By closely reviewing all invoices prior to payment prevents guile and ensures payments are made to related transactions only. Assigning a proper code for each expense will dish up the management to ascertain the total expenses incurred for each activity. Weaknesses of Jamonas internal controlsThe office manager... If you want to get a full essay, order it on our website: OrderEssay.net

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