What can be some of the internal controls for the Hershey company (5-6 of them)? just...

What can be some of the internal controls for the Hershey company (5-6 of them)? just list them

Expert Solution

The following may be the internal controls for the Hershey company:-

1) Internal control in purchasing:- Every purchase beyond a decided limit should be made by purchase order, receiving appropriate quotations and with proper authorisation.

2) Payments :- All payments should via bank only. There should be authorised signatories for the banking transactions.

3) Safeguarding of the assets:- All the fixed assets should be in custody of the authorised person only. Fixed assets should be given unique codes for them so that they are properly captured in the accounting system.

4) Recruitment of Employees:- Hiring of the new employee should be done only after requisition has been made by managers or authorised personnels. The hiring should be done only after detailed analysis and deliberations. Redundant employees may add much more cost to the company.

5) Financial Reporting : Monthly or yearly reports must be properly scrutinised by a independent third party. A check of the fraud in financial reporting should be made.

ekkarill92 answered 1 year ago

What can be some of internal controls for Hershey company (5-6 of them)?

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