Successful companies spend a great deal of time and effort to create, distribute and manage company information. Through stringent business and ethical practices, company leaders ensure that internal controls govern and define responsibilities. These business systems define the operating environment, risk-management strategies, policies and procedures, communication plans and performance monitoring. Without internal controls, a business operates inefficiently, in an unreliable manner and out of compliance with applicable laws and regulations. Show Signs
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Week 6: ReflectionJulie WilliamsInternal control procedures are important in every business. Companies use an internal controlsystem to monitor and control business activities and delegate responsibilities. Reflect on thisweek’s lecture and assignments. In your own words, answer the following:Explain at least one issue that an internal control procedure would prevent in a workplace. Get answer to your question and much more Asked by ConstableThunderSwan6 Explain at least one issue that an internal control procedures would prevent in a workplace. Answer & Explanation Solved by verified expert Rated Helpful Answered by kunalkant02 <p>ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odi</p> Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet Unlock full access to Course Hero Explore over 16 million step-by-step answers from our library Subscribe to view answer , d s a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar molestie consequat, ultrices ac magna. Fusce dui lectus, con
Student review 100% (1 rating) "thank you so much" What does internal control prevent?Internal controls are intended to prevent errors and irregularities, identify problems and ensure that corrective action is taken.
What are some of the internal control procedures that could prevent and detect the problem?The seven internal control procedures are separation of duties, access controls, physical audits, standardized documentation, trial balances, periodic reconciliations, and approval authority.
What is an example of preventive internal control?Examples of preventive controls include: Separation of duties. Pre-approval of actions and transactions (such as a Travel Authorization) Access controls (such as passwords and Gatorlink authentication)
What are the challenges of internal controls?The latest internal control challenges include skilled staff shortage, technological advances, and the lack of executive emphasis, according to a recent report by ACCA, the Internal Audit Foundation (IIA), and Institute of Management Accountants (IMA).
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