Internal Controls in a Business- Example

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.

Therefore, a set of CCTVs in the warehouse works for monitoring the activities of staffs and reducing the risk of stealing and sabotaging inventory. Because our primary inventories are a lot of expensive high-tech products, the loss and expense will be heavy if they suffer dangerous behaviors. The monitoring videos of the warehouse CCTV will be automatically stored in the system of security service guard office in AIS.LLC. Additionally, only the manager of customer service, the manager of warehouse and upper managers have rights to view and check the videos. Once a customer asks for returning a product due to the badly marred up, after receiving the report from employee of customer service the manager of customer service will go ahead past surveillance to check if someone intendedly destroy the product. On the other hand, when the quantity of products happens an error, the manager of warehouse will check the monitoring video to find the origin of the mistake. Furthermore, a group of IT staffs have to examine and repair the CCTVs to ensure normally work. Warning of improper activities occurring in the warehouse and investigating the errors measure the work of warehouse CCTV as a lag

Fashion Range Co. is a clothing retail company in Canada that offers great quality clothing for teenagers and adults. We are small independent company that compasses of 80-100 employees stretching across Canada making environmentally friendly materials for our fashion trend clothes while emphasizing the importance of sustainability. Our fashion trend is more demographically targeting young men & women aged 13 to 45. Our customers are part of a generation constantly looking for that next best thing. Our stores are mainly located inside shopping malls for our customers to best reach and online store at www.fashion-range.com. With a focus on the latest fashion trends, our customers can be confident in knowing they’ll receive

Dentistar, Inc. was formed in 1985 to provide dental and orthodontic services to subscribers of their prepaid dental plans. This report examines the western region’s office, located in Los Angeles, and its issuance of excessive manual checks that resulted in multiple bank overdrafts. Results indicate that only minimal efforts have been made for internal control measures in this office and companywide, and that weaknesses have allowed the Finance Coordinator to embezzle funds. There are many issues to be addressed, and several remedial actions to be taken to prevent these types of losses going forward.

Have you ever heard the words internal locus of control? Do you what it means? An internal locus of control means that you believe you control the circumstance (Lamberton & Minor, 2014). I shall share an incident about a tragedy that occurred in my life in regards to what I believed was internal locus of control.

The chosen limited company is RIVER ISLAND clothing co. Limited. It is a private limited clothing retail business in UK founded 60 years ago with 350 stores opened across Ireland, UK, Asia, Europe and throughout the Middle East. Their aim is to bring original fashion and great design to its customers. They produce clothes in house and deliver them via internet and local stores. River Island co. provides a wide range of clothing for men, women, boys and girls. With their commitment towards ethical trading they believe

Inward administration control is for the most part characterized as the procedure affected by the an element's administration, top managerial staff and other top faculty, intended to give discerning confirmation as to the accomplishment of goals in productivity and adequacy of operations, consistence with relevant arrangements, laws and directions and unwavering quality of budgetary reporting. Inward control can help an element accomplish its execution and gainfulness targets and avoid loss of assets (Cheng, Dhaliwal and Zhang, 2013). It goes far in guaranteeing trustworthy budgetary reporting consequently evading harm to an element's notoriety and different results and helping a substance to achieve its objectives and stay away from undesirable

Everyone has different ways to control their life, but not everything can be controlled by you. Some people have separate ways on determining the outcomes of certain situations by influencing the actions of people and events. One person could depend and rely on outside influences for their success or they could believe that they control their own life. I have an internal locus of control because of how independent and hardworking I am. My everyday life has many examples of my internal locus of control.

My understanding of this article is that the monitoring of internal control is performed through application of ongoing evaluations and separate evaluations. Over time, these evaluations make sure that other components of internal control continue to function. In addition, another principle is that the evaluations assist the progress identification of internal control deficiencies and communicate them to the parties responsible for taking corrective actions.

I completed the Internal Control Program requirements for the International Affairs Foreign Military Sales D/NGA FY16 Statement of Assurance to the Secretary of Defense. This assessment tests the effectiveness of mission-essential processes and key internal control activities, to identify areas of risk associated with foreign military sales work procedures. Further, I reviewed and completed a process document detailing the high level process flows and narratives for the NGA Foreign Military Sales program. This document is critical in showing internal auditors the program has healthy operational and financial manual and systemic controls that are in alignment with Defense Security Cooperation Agency policy. It also ensures International Affairs

Pricing - we will mark up at least 20%, because we need to give our employee salary and store fee, sometime in holiday we will have discount.

‘Fashion industry is characterised by short product life cycles, volatile and unpredictable demand, tremendous product variety, long and inflexible supply processes and a complex supply chain.’

In this paper I will use the income statement and balance sheet to evaluate the financial performance of Lamar Swimwear, and the company’s worthiness as an investment. While just looking at a company’s financial report one is unable to see all of the details necessary to make a clear decision. Anything can look good on paper but if you scrutinize and analyze that paper you may be surprised at to what you may discover. Lamar Swimwear is one of those companies that looks like it may be flourishing within its industry until numbers are calculated. With the ratios that I will give within and throughout this paper it will allow you to see why Lamar Swimwear is not a good investment for a new partner to

During the audit of the financial statements we will be assessing the internal controls in use as mandated by the Sarbanes-Oxley Act of 2002. The act was designed to enhance corporate responsibility as it relates to financial reporting issues. Section 404 covers the internal controls that have been setup by the company. Internal controls are designed to protect the assets of a business from misuse or loss. Internal controls also help the business to streamline processes so that goals can be achieved at the best rate of return from the use of available assets. The remainder of this letter contains an overview of section 404 and other regulations relating to the audit of internal controls and a synopsis of internal control risks that have been identified within Apollo Shoes Inc. We will also describe the relationship between internal controls and the audit process as well as outlining our responsibilities in detecting and reporting fraud.

“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.