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What is the most important Internal Control Procedure to you?

What is the most important Internal Control Procedure to you?

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Expert Solution

The most important Internal control procedure accoring is the monitoring portion.

This is one of the most important parts of internal control procedures as this is not a “set it and forget it” task. Management needs to monitor the company’s internal controls on an ongoing and periodic basis so it can ensure that all controls are working as designed.

We can make a sign up for a login to EFTPS.gov. This site can allow you to monitor and ensure all of your income tax and payroll taxes are being remitted to the proper authorities.

One of the most common ways of doing this for an online retailer is by performing physical inventory counts, preferably monthly, but no less frequently than annually. This will help you maintain control over your product and ensure you aren’t “losing” anything.

Regardless what risks you identify or what actions you take, the most important thing is that you start thinking about what dangers might be lurking out there for your business and then do your best to protect it using strong internal controls.

ekkarill92 answered 1 year ago
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