journal unit 4

User Generated

zr2392

Business Finance

Description

Internal Controls

Provide an original and substantive response to the questions posed in your Journal in a minimum of 200 words.

You read about various internal controls that should be in place for ensuring sound operations and transaction processing. Internal control is a favorite topic of auditing students, since a lot of the internal controls you learned about can be applied to your jobs right now! Students enjoy bringing these internal control suggestions to their supervisors to improve processes.

  • What are some control weaknesses you now see at your current (or past) jobs that you did not see before?
  • What are your suggested improvements?
  • If you do not have work experience to apply internal controls to, what are some controls you learned about that you were not aware of previously? Explain those controls and how they help prevent errors and fraud.
  • User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

    Explanation & Answer

    Hello, kindly find the answers attached.

    Surname 1

    Your Name
    Professor
    Course
    Date
    Internal Controls
    Q. What are some control weaknesses you now see at your current (or past) jobs that you did not
    see before?
    Internal controls are usually methods designed to ensure honesty and accuracy in financial
    reporting, transactions and other business operations. They are mainly put in place to aid in
    achieving set business goals and objectives. Internal controls however do not give complete
    assurance of achieving the objectives since they exhibit some weaknesses, rendering them not
    very effective. Some of these weaknesses include;
    Breakdowns: Even very strategic internal controls can collapse. Workers some of the time
    misinterpret guidelines or essentially commit errors. The highly computerized systems may be
    too c...


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