Question

Continued Part 1, - Internal controls process

Based on this scenario, you decide to create an internal controls process that will protect your business. Your first task is to create a written plan for addressing the situation with all employees. What are the goals of this plan? How can you address staff without letting other employees know who was directly involved? How might you train staff to prevent transposition errors, whether deliberate or accidental, in the future? What measurements can you put in place to ensure your plan is successful? Fill each section of the plan below describing what needs to be done. Also include any general guidelines that should be included in an internal controls process. Outline any work you would need Tom, your new bookkeeper, to do to support the process. Write a minimum of one paragraph to describe each action step. Be sure to include:

• A way to directly address staff involved in this incident

• A plan for additional control measures you can put in place and how you will implement them

Restaurant Internal Controls Strategy

Goals:

1.

2.

3.

Action Step 1

Action Step 2

Action Step 3

Action Step 4

Answer 1

What are the goals of this plan?

?Goals of having plan to implement internal control is to:

• involve all the staff in the process
• create sense of responsibility and accountability among employees
• make internal control practices resillience, so that internal control measures are taken into consideration at each level of management.

How can you address staff without letting other employees know who was directly involved?

• organise a general after the work meeting to address employees
• do not give any references to any person or designation
• keep the conversation interactive rather than a lecture type
• make the general case of what things were wrong and what steps could be taken to correct them

How might you train staff to prevent transposition errors, whether deliberate or accidental, in the future?

• Prioritize Accuracy Over Speed during training session
• Use Software Tools and train employees to use them hand to hand
• Double-Check Work after some time, preferably next day
• Give incentive for the correct work rather speedy work

What measurements can you put in place to ensure your plan is successful?

• cut the plan into various short term plans, each part of the plan being given to small teams of 4-5 persons to be executed and complete in a timely manner
• integrate the sub plans but make sure failure or delay in one sub plan do not affect execution of other plan substantially
• keep track of plans through frameworks like PDCA cycle

I hope this helps in framing final answer in your words. If it does, please appreciate so that other students can be sure too of this later. If not, let know what can be improved. Thanks