ACC 544 Week 4 Internal Controls for Inflows

May 4th, 2015
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ACC 544 Week 4 Internal Controls for Inflows

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Internal Controls for InflowsNAMESACC/544DATEProfessor: NAMEAbstractRevenue cycles are subject to a variety of risks. To address the various risks associated with the inflow of revenue appropriate cash, sales, accounts receivable, inventory, and production internal controls must exist. The Securities and Exchange Commission (SEC) have expressed a variety of concerns related to appropriate recognition of revenue inflows (Louwers, Ramsay, & Strawser, 2007), therefore it is important that each of the inflows listed above have effective preventive and detective risk management controls. Below each area of the companys revenue inflow cycle and recommended controls to mitigate their associated risk is described.CashCash, of all assets within an organization is often times the first and primary target of fraud. Because cash is so highly liquid, it is difficult to trace cash-based fraud back to a specific individual or person. Cash controls are also compounded by the fact that it is not easily identifiable company property and is highly portable. As a consequence, controls over cash must be usually strong (Louwers, Ramsay, Sinason, & Strawser, 2007, p. 211). Good internal control begins with appropriate segregation of duties. Proper segregation involves different people and different departments handle the cash disbursement authorization have custody of blank documents (checks), discharge the record keeping for payments, and perform the bank reconciliat

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