Control

Importance of an Internal Control System

Internal control system is a process, developed and implemented by an organization’s board of directors, management, and other employees, intended to provide assurance vis-a-vis achievement of organizational objectives (Peter, 2008). Objectives, which an organization achieves through an internal control system, are reliability of financial reporting, efficiency and effectiveness of operations, and conformity to relevant laws […]

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Internal Controls

All people are not honest. Even when you are dealing with people from your church, school, or even friends you have known for years, there is the possibility that the person you are dealing with is not an honest person. It is for this reason that a business must have internal control. Internal control is […]

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Internal Control Weakness and Corrective Actions

Fan Company A has eight weaknesses with the current internal control system. I will name each weakness and the corrective action for each weakness identified that will improve the internal control system to help protect the company’s cast and inventory assets and to prevent unethical actions of employees. The first internal control weakness that I […]

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Saks Fifth Avenue Case Study

The Saks Fifth Avenue case study concentrates on the human aspects of internal controls. Of note are Saks’ zero-tolerance policy of employee theft, anti-harassment policy and complaint procedure. Also, the case study highlights control activities in a major retail store. Finally, it questions what an auditor’s role is concerning employee’s work environment. Question #1 In […]

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