Question

Describe (100 to 120 words) a process by which you would develop modifications to procedures to facilitate internal controls.

Answer 1

Internal controls are policies and procedures put in place to ensure the continued reliability of accounting systems. ...Internal control procedures in accounting can be broken into seven categories, each designed to prevent fraud and identify errors before they become problems

Internal control is all of the policies and procedures management uses to achieve the following goals. Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud. Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations. Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business. Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations. Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives