Dixon calendar week 4 intragroup binds and Risk valuation Kaitlyn Dixon ACC/543 October 8, 2012 Professor Sanders Moran Dixon Week 4 indispensable Controls and Risk valuation Memo To:Kudler beautiful regimens From:Kaitlyn Dixon Date:10/7/2012 Re:Internal Control and Risk Evaluation Internal Control and Risk Evaluation Internal controls are inevitable to nurture and provide assurance of these categories: effectiveness and efficiency of operations, dependableness of financial reporting, and compliance with the laws and regulations (Hunton, 2004, Chapter 3). There are risks within Kudler pretty Foods four systems: accounts payable, receivable, inventory and payroll. Kudler exquisite Foods demand to limit in internal controls to mitigate these risks. These internal controls will be applied to enhance the importance of segregation of duties and protect the uprightness and reliability of financial reporting and operations. Outside this system Kudler Fine Foods will want to employ other controls such as a disaster recovery plan, create and distribute a written policy regarding the security features in the REMS, employ circumscribed access features, and additional security measures to protect the financial and report system.
Risks Risks decease because of bad audit trails, confusing and non-existent personnel policies and practices, sawed-off to no separation of duties, system discommodes, and little physical guarantor of assets. Because Kudler Fine Foods has only three stores and a limited occur of employees and personnel, separation of duties a re under-sighted, some of the systems do no! n clear checks and balances. Risks of parody and theft can occur when the systems and physical assets such as cash and computers themselves are not protected physically and logically. Mitigating Risks and Evaluating Internal Controls The accounts receivable flow chart does not have a need for controls as Kudler Fine Foods typically does not issue invoices and the money and purchase items are captured...If you want to baffle a full essay, order it on our website: OrderCustomPaper.com
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