Internal Controls Relating to the Bjb Company Essay

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Telephone – A telephone maintains a few different features rather than just receiving and making calls. At work the phones that we use are often different to

It follows a strong internal control system for cash. A separate person is appointed to approve all purchases, payroll and any disbursement of cash. At the end of each month company prepares bank reconciliation statement to reconcile cash book balance and bank statement balance. Company keeps proper inventory record system. All these prevent frauds and ensure smooth functioning of the business.

Company X is committed to providing education for each employee to report unethical behavior and resolve conflicts without fear of retaliation. One such example would be the need to report employee theft. Employee theft is not only unethical but could also be criminal in nature. Regardless of employee status (entry level or upper management), each employee should feel it their responsibility to report any unethical behavior they observe. Employee theft can range from theft of money, time, office supplies or merchandise to providing proprietary information to unauthorized entities. These activities can result in a negative public image of Company X and should be reported as quickly as possible. Prior to reporting such offenses, each employee should ensure the accuracy of the evidence they will be reporting. There are various methods to report such abuses including but not limited to an anonymous toll free hot line number, verbal or electronic reporting to the local Human Resources office and the open door policy which encourages employees to approach members of management without the fear of

Operations is separate from the accounting department. The employees in operations handle promoting the products. Also, Operations is in charge of making the products. The company’s accounting system is handled in-house by the cashier and the bookkeeper and by the accounting firm hired to handle the businesses’ financial reporting. The cashier handles all sales through the register. The register is balanced against the drawer each night by the bookkeeper and a deposit made the same day. The bookkeeper gives the accountant the drawer receipts and bank receipts for journal entries and later reports. The accountant checks all cash received and payments made against bank statements and collected paperwork. There is not a single person assigned to do all duties.

The purpose of storing and retrieving required information is so you can readily retrieve it when it becomes required.

There are a number of guidelines and procedures in place to enable me to do my job not only to the best of my ability but in a professional manner. Whilst on the reception area, there are procedures that need to be followed relating to various aspects of the job including correct procedures to greet visitors, answer the telephone, dealing with incoming and outgoing mail, booking meeting rooms as well as many other procedures. All of the relevant procedures are kept in a file at the reception area where any member of reception staff can revise them as and when necessary.

With every internal control weakness a company needs to identify either a control policy or control procedure that will help prevent error or fraud from occuring in the future. Based on my suggestions as to what weaknesses existed at Goodner Brothers, Inc. I have suggested the policies or procedures that could be implemented to help prevent future issues. The internal control I would implement to hinder employee access to the accounting system would be to secure all computer programs with individual usernames and passwords to prevent access from others. The bookkeeper should be the only employee with access to the accounting system and to test this procedure the company would need to try and access the software without a username and password. To monitor the storage warehouse situation, the company should install computer scanning systems and video cameras at each location to supervize whether tires are being scanned in and out upon delivery and pick-up and to determine who and when these transactions are taking place. Semi-annual reviews should be conducted by sales managers to evaluate their sales representative. In addition, strengthening the tone at the top mentality should lie in the hands of each owner by personally reviewing all sales managers to create a top down effect.

Disciplinary procedures are a set way for an employer to deal with disciplinary issues. They should include a disciplinary hearing where you’re given a chance to explain your side of the story.

In this assignment, I will evaluate the reliability of break-even analysis in estimating budgeted activity levels for a selected organisation.

n 2004, treasurers worldwide continue to strive to manage working capital more efficiently. They are under pressure to reduce Days Sales Outstanding, to measure Days Payable Outstanding, and to find alternatives for enhancing yield management due to record low interest rates. Other factors are impacting corporate treasurers as well. Corporate governance initiatives such as SarbanesOxley are increasing the treasurer’s need for access and visibility to accounts around the world. The continuous rollout of Enterprise Resource Planning (ERP) systems

The purpose of this report is to present an analysis of Jungle Books’ accounting information system, and finding its inefficiencies, internal control weakness in its expenditure cycle .Also, understanding the importance of these problems, and attempt to solving them without merely adding employees or staffs.

“Internal controls are policies and procedures put in place to ensure the continued reliability of accounting systems” (Ingram 2017). WorldCom’s attempts at maintaining internal controls are less than favorable. Segregation of duties enables the division responsibilities to ensure that no employee completes two similar tasks. The CEO’s monitoring of WorldCom’s financial processes shows that the company has a lax segregation of duties, which makes it easier to commit fraud. Access controls protect financial data from unauthorized access, however, WorldCom’s extent is password-protected computers. No access inventories are taken to monitor employee usage, so there is no trail of when employees are doing during work.

4. What traditional accounting records does vendor invoice file substitute in the integrated purchase system? (p.232)

Methods are an important part of a company to help maintain the proper documentation. Such methods can be used in society PIFCO ZEN CHEN. This leads to eliminate missed deeds of all financial documents of the company or the head of the company, as Director such methods in the company. The director of the company also has management of all a law firm. Director should all actions taken into account by all employees. Such actions are any of the financial or accounting records. The auditor checks for each manipulation in numbers or accounts. So you must have in mind, what are the accounts clear and all the information is correct.