Internal Controls Risk Evaluation

Dixon calendar week 4 intragroup Controls and jeopardy Evaluation Kaitlyn Dixon ACC/543 October 8, 2012 prof Sanders Moran Dixon Week 4 subjective Controls and run a risk Evaluation Memo To:Kudler beautiful Foods From:Kaitlyn Dixon view:10/7/2012 Re:Internal Control and Risk Evaluation Internal Control and Risk Evaluation Internal controls ar inevitable to nurse and stick out assurance of these categories: effectiveness and skill of operations, dependableness of financial reporting, and compliancy with the laws and regulations (Hunton, 2004, Chapter 3). There are risks within Kudler pretty Foods four systems: accounts payable, due, inventory and payroll. Kudler charming Foods demand to hold in internal controls to mitigate these risks. These internal controls entrust be use to enhance the importance of segregation of duties and protect the legality and dependableness of financial reporting and operations. away(p) this system Kudler very well Foods will wish to employ a nonher(prenominal) controls such as a disaster recovery plan, compose and distribute a write policy regarding the security features in the REMS, employ modified accession features, and additional security measures to protect the financial and chronicle system.

Risks Risks decease because of bad audit trails, puzzling and non-existent personnel policies and practices, runty to no legal separation of duties, system issues, and minor forcible 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 stealth can occur when the systems and physical assets such as hard currency and computers themselves are not protected physically and logically. Mitigating Risks and Evaluating Internal Controls The accounts receivable flow chart does not have a motive for controls as Kudler Fine Foods typically does not issue invoices and the currency and purchase items are captured...If you want to baffle a across-the-board essay, order it on our website: Orderessay

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