Internal Controls Risk Evaluation

Dixon calendar week 4 intragroup manages and Risk paygrade Kaitlyn Dixon ACC/543 October 8, 2012 Professor Sanders Moran Dixon Week 4 upcountry Controls and Risk military rating Memo To:Kudler beautiful intellectual nourishments From:Kaitlyn Dixon Date:10/7/2012 Re:Internal Control and Risk Evaluation Internal Control and Risk Evaluation Internal controls are inevitable to harbor and provide assurance of these categories: effectiveness and efficiency of operations, dependableness of monetary reporting, and compliance with the laws and regulations (Hunton, 2004, Chapter 3). There are risks within Kudler pretty Foods four systems: accounts payable, receivable, inventory and payroll. Kudler elegant Foods demand to need in internal controls to mitigate these risks. These internal controls will be applied to enhance the importance of segregation of duties and protect the rightfulness and reliability of financial reporting and operations. Outside thi s system Kudler Fine Foods will want to employ other controls such as a disaster recovery plan, create and distribute a written policy regarding the security features in the REMS, employ change access features, and additional security measures to protect the financial and report system.

Risks Risks choke because of bad audit trails, confusing and non-existent personnel policies and practices, shrimpy to no separation of duties, system get alongs, and little physical warrantor 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 trick and theft can occur when t! he systems and physical assets such as cash and computers themselves are not protected physically and logically. Mitigating Risks and Evaluating Internal Controls The accounts receivable flow chart does not have a need for controls as Kudler Fine Foods typically does not issue invoices and the money and purchase items are captured...If you want to baffle a full essay, order it on our website: OrderEssay.net

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