ACC 542 Week 4 Learning Team Assignment Internal Control and Risk Evaluation

May 1st, 2015
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ACC 542 Week 4 Learning Team Assignment Internal Control and Risk Evaluation

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Internal Control and Risk EvaluationACC/542University of PhoenixInternal Control and Risk EvaluationKudler Fine Foods is a gourmet food store with three locations currently and the vision of opening more stores in the future. To accomplish the goals of opening new locations entails certain types of risks. This brief will analyze the risk associated with the Accounting Information System (AIS) in the areas of accounts payable, accounts receivable, inventory, and payroll, identify all risks and internal control points by incorporating the controls and risks into the flowcharts, design internal controls to mitigate risks to the systems, evaluate the application of internal controls to the systems, and discuss other controls, outside the system that Kudler Fine Foods may need.Analyze Risks in the SystemBusiness enterprises face a variety of risks, including business, audit, security, and continuity risks. For Kudler Foods an analysis performed on their information technology risks as it pertains to business would be IT timing. However, Kudler does not face the risk of IT timing because there is industry specific software that has already been tested by other companies in the retail industry. The audit risk that Kudler faces as it pertains to inherent risk is that the business is retail. The likelihood that there could be material errors or fraud in the area of inventory, accounts payable, accounts receivables, and payroll do exist. Kudler does face

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