Question

Locate a news story online from your town or state that reports on the occurrence of employee theft. Post a link to the article. Summarize the article. Relating to the study of internal controls , where did the internal controls system in this organization fail? What would be your recommendation to help them prevent this from occurring again? Be sure to incorporate internal control policies as well in your writing.

*300 words

Answer 1

INTERNAL CONTROL SYSTEM

For the development or success of any work is largely depends upon the enhancement of the internal control system whether in the organizations or in any place where this system applied.

Internal control policies and the procedure are checks and balances that help to protect the organizations from the internal theft, embezzlement and the mismanagement of frauds from the conduct of employees, suppliers or from the customer.

Theses are some policies deployed for control process:

-Process should be segmented that split between the departments or individual

-Restricted computer access help in this regards by control over to access the computer database which is confidential and sensitive from information point of view.

-internal audit and procedure must in the first line of the management for better control purpose

-Safety and security is the first criteria should be observed

-instead of relying on the customer complaints, recalls or external audit, schedule should be made for the internal audit by trained staff

- from time to time employees made accountable for their work and make some reward policy to motivate their work fro better control purpose.