Internal Control Paper

INTERNAL CONTROL PAPERThe procedures intricate in accounts collectable for Jamona.com is reviewed in elaborate and this paper assesses the strengths and weaknesses of their inbred reckon governing body. The required special trains to bounce back the weaknesses argon discussed in detail. The recommended and existing controls ar 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 implemented by a firm to protect the assets of the organization. The indwelling controls atomic number 18 tools that the management, board of directors and some other employees should abide by. Management is answerable 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 determine by carefully reviewing the procedures involved in Jamona?s accounts payable surgical incision. The placement omnibus (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 separate financial approvals so as to grow a musical interval of duties.

The section manager prevents employees accessing checks by the right way horizontal surface and filing them in numerical sequence. The account payable department a) revi ews invoice, b) codes for decent expense ac! count, 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: OrderEssay.net

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