Internal Controls Risk Evaluation

Dixon calendar week 4 intragroup Controls and risk Evaluation Kaitlyn Dixon ACC/543 October 8, 2012 professor Sanders Moran Dixon Week 4 natural Controls and venture Evaluation Memo To:Kudler beautiful Foods From:Kaitlyn Dixon discover:10/7/2012 Re:Internal Control and Risk Evaluation Internal Control and Risk Evaluation Internal controls atomic number 18 inevitable to entertain and tender assurance of these categories: effectiveness and cogency of operations, dependableness of financial reporting, and shape with the laws and regulations (Hunton, 2004, Chapter 3). There are risks inside Kudler pretty Foods four systems: accounts payable, due, inventory and payroll. Kudler fine Foods demand to hold in versed controls to mitigate these risks. These internal controls pass on be apply to enhance the importance of segregation of duties and protect the legality and dependability of financial reporting and operations. foreign this system Kudler amercement Foods will take to employ different controls such as a disaster recovery plan, micturate and distribute a compose policy regarding the security features in the REMS, employ modified approach shot features, and additional security measures to protect the financial and chronicle system.

Risks Risks fall out because of bad audit trails, mistake and non-existent personnel policies and practices, runty to no dissolution of duties, system issues, and micro visible surety of assets. Because Kudler Fine Foods has only three stores and a limited occur of employees and personnel, separation of duties are under-sighted, some of the systems do non clear checks and balances. Risks of fraud and thieving can occur when the systems and physical assets such as funds and computers themselves are not protected physically and logically. Mitigating Risks and Evaluating Internal Controls The accounts receivable flow chart does not have a ask for controls as Kudler Fine Foods typically does not issue invoices and the property and purchase items are captured...If you want to baffle a profuse essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper