Nvq Bank Account

All businesses and organisations have to check to see that the information they have stored is accurate. For example, the money coming in and going out have to be correctly recorded otherwise it will look as if the company has not made much profit and it can affect the share prices of the company, affect the employees as the company might not be able to pay the employees and will have to cut down on staff, lenders will not agree to lend money, etc.

Explain how the types of security measures work to contribute to maintain the security of people, premises and property.

The check and balance system is one of the internal controls business use where no one has control of one another. This system involves more than one personal, it separate handling (receipt and deposits) functions from record keeping functions.. This method help keep financial reported more accurate which prevent accounting fraud

they could put adequate protocol, measures and means in place to prevent theft and loss from

ØMonitoring value of items held in stock - to make sure payments that are due will not affect the cash flow of the business.

The internal control of physical controls is also being utilized by LJB Company. Physical controls “relate to the safeguarding of assets and enhance the accuracy and reliability of the accounting records” (Kimmel, Weygandt, & Kieso, 2013, p. 342). The accountant secures the paychecks in a safe in his office before he leaves for weekend. By securing the paychecks in the safe, other individuals are unable to get to the checks during the weekend. Although there are improvements that need be made to the paycheck process, locking the paychecks in a safe over the weekend is a strong internal control that protects a valuable asset.

You can then identify if there are any intruders who boarded in your premise. Through the sound of the alarm you will be alerted and should call for rescue right away in case for any trouble. Aside from the intruder, it can also detect like emergency cases such as fire, that the alarm can trace smoke.

Areas containing sensitive information or equipment should have limited access. The server room and document storage areas are examples of rooms to be designated as high security areas. As such, access to these areas should be limited. Security measures should be implemented to guarantee the security of these areas. These security measures can include locked doors, biometric scanners, magnetic swipe cards entrance logs and any other means designated by the Security Manager.

Areas containing sensitive information or equipment should have limited access. The server room and document storage areas are examples of rooms to be designated as high security areas. As such, access to these areas should be limited. Security measures should be implemented to guarantee the security of these areas. These security measures can include locked doors, biometric scanners, magnetic swipe cards entrance logs and any other means designated by the Security Manager.

Kudler Fine Foods can also benefit from implementing a few general control procedures outside the system. For example, written procedures should be available and initialed by employees concerning how inventory is to be physically recorded and input into the automated system. Restrict the number of employees who have keys to the premises. Physically lock up and guard merchandise that is of high value or that can be easily converted into cash. The use of surveillance equipment or cameras can be used to monitor physical access to inventory and other company properties such as equipment. Provide procedures for identification of slow moving or damaged inventories are another internal control that could be incorporated outside the automated system.

Due to the small number of employees in the LJB Copmany, there is an advantage over competitors. Because employees show long term commitment, there is a loyalty and employee retention. It is also easier to manage the employees and implementing new rules and regulations will be handled in an easier manner. The decision to switch to pre-numbered invoices was a great idea by the accountants and the indelible ink machine purchase was a great investment. These pre-numbered invoices are going to be a great aid in preventing transactions more than once and will be helpful in keeping track of recorded transactions. It will also help the timeliness of the accounting entries from the employees’ transactions. This will restore the reliability of the accounting records and their accuracy. The use of physical controls like this is crucial in the internal control environment. In addition, the holding of checks in a safe place is in accordance with the principles of internal physical control as well and it reflects the safeguard of assets—which in turn, improves the reliability and accuracy of the accounting records.

Observation is key to any security plan. Examining different aspect of the building, surroundings and networks can provide valuable information to help secure a company’s assets. Security guards and cameras as a means to observe the physical aspects of the company like the building, grounds, electronic devices, money and other assets. The observation will allow the security guard or camera operator/monitor to detect any potential wrong doing by a criminal. They also provide a deterrent to would be criminals. Seeing a guard or camera makes a criminal question the idea of trying to break into that particular company.

Physical security is a standout amongst the most neglected when outlining a framework. While a percentage of the issues talked about underneath are normal, others, for example, the discovery of an inner organization assailant who tries to physically get to the working room of the same, no. This can prompt an aggressor that is less demanding to accomplish and make a tape duplicate of the room, attempting to get to the same coherent way. Therefore, security is the application of physical hindrances and control techniques as preventive measures and countermeasures against dangers to assets and delicate data (Khairallah, 2005). There are sure

Although formalization is one way of maintaining efficient standards, integration within the organization is also highly important. Although there are numerous departments within each bank, activities are coordinated in a way that includes every person. Similar to other corporations and not just banks, various different types of technology are implemented to maintain an efficient working environment. To begin, each bank employs a phone system that is integrated across all Ohnward systems. For example, consider an employee working at the DeWitt location. If they wish to reach an employee at another location, all they need to do is dial the extension number of the employee they wish to reach and it will transfer right to them. As a result,

cameras with digital cameras I will place cameras on all the floors and entrances and parking garage this will not only add an extra security presence but also adding cameras to monitor employees for possible internal theft. I also replaced all the monitors with LCD screen this will help in making the screen clearer when either monitoring the cameras or when employees are walking through the entrance. This helps show the employees that we can see anything and see it clear.