Internal Control Paper

INTERNAL CONTROL PAPERThe procedures abstruse in accounts collectable for Jamona.com is reviewed in elaborate and this paper assesses the strengths and weaknesses of their inbred reckon administration. The required additional trains to bounce back the weaknesses atomic number 18 discussed in detail. The recommended and existing controls atomic number 18 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 employ by a firm to protect the assets of the organization. The indwelling controls are tools that the management, board of directors and some other employees should abide by. Management is creditworthy 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 set by carefully reviewing the proce dures involved in Jamona?s accounts payable discussion section. The placement managing director (a) receives invoices in mail, (b) routes invoice to accounts payable department, c) receives coin bank statement, cancelled checks, (d) accounts for numerical 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 sequestrate financial approvals so as to grow a insulation of duties.

The power manager prevents employees accessing checks by the right way history and filing them in numeric al sequence. The account payable department ! a) reviews invoice, b) codes for prim expense account, c) enters account payable into accounting 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: BestEssayCheap.com

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