Acc 542 Internal Control And Risk Evaluation Paper
Running head: INTERAL CONTROL AND RISK EVALUATION
Internal Control and Risk Evaluation
Patricia Coleman
ACC/542
April 7, 2014
Maryln Fisher
In today’s society, internal controls are applied to support an organization 's managers to become more successfully to release the responsibilities by applying and understanding internal control concepts. Internal controls are most frequently saw as "a lot of red tape"; however, internal controls have different circumstances when confirming high moral and ethical values which should be communicated in an organization. Internal controls are essentially composed of five interrelated components which are communication and information, monitoring, control environment, …show more content…
The internal controls will include but are not limited to activity or functional management evaluations, transaction assessments, reconciliations, statistics processing and physical controls, and separation of duties. The evaluation of application of internal controls inside an accounting system should be ongoing and frequent.
Kudler Fine Foods must make sure the organization maintain acceptable resources, make available financial, operational, and compliance with correlated information. The organization employees ' obligations and control responsibilities should be successfully communicated while ensuring compliance is the number one imperative factor. Kudler Fine Foods channels must exist for every individual to report alleged improprieties and the employee recommendations are petitioned and acknowledged.
Internal Control and Risk Evaluation
Patricia Coleman
ACC/542
April 7, 2014
Maryln Fisher
In today’s society, internal controls are applied to support an organization 's managers to become more successfully to release the responsibilities by applying and understanding internal control concepts. Internal controls are most frequently saw as "a lot of red tape"; however, internal controls have different circumstances when confirming high moral and ethical values which should be communicated in an organization. Internal controls are essentially composed of five interrelated components which are communication and information, monitoring, control environment, …show more content…
The internal controls will include but are not limited to activity or functional management evaluations, transaction assessments, reconciliations, statistics processing and physical controls, and separation of duties. The evaluation of application of internal controls inside an accounting system should be ongoing and frequent.
Kudler Fine Foods must make sure the organization maintain acceptable resources, make available financial, operational, and compliance with correlated information. The organization employees ' obligations and control responsibilities should be successfully communicated while ensuring compliance is the number one imperative factor. Kudler Fine Foods channels must exist for every individual to report alleged improprieties and the employee recommendations are petitioned and acknowledged.