Fi504 Case Study 3 Cash Budget

Dear Sir, Thank you for taking the time to meet with me sort out away and discuss your concerns with inside controls and certification. Going public is a volumed step in the development of a corporation, and you testament recognize under great scrutiny as to your security principles and internal control mechanisms. My colleague has informed me of several(prenominal) examples of how your business operates and I have prepargond a few remarks and recommendations for you to address forrader handout public. Before I delve into the heart of the matter, I would equivalent to remind you of the objectives of internal control practices: first, to safeguard the assets of the corporation, emend the dependability of its accounting practices and records, increase the efficiency of the corporations operations, and en indisputable that its interest laws and regulations. This can be achieved through the following general principles: 1. regimen of Responsibility - Setting clear expectations of your employees and making convinced(predicate) 2. requisition of Duties and Segregation of Record Keeping - Making sure that no mavin individual remains unchecked by others in his or her activities, and that the selfsame(prenominal) people responsible for certain actions argon not similarly solely responsible for recording those actions. 3.

Documentation of Procedures - making sure that the expense reports are accurate and that original receipts are used for proof. 4.Physical Controls - in order to safeguard position against stealing and vandalism. Based on those principles, I see several areas of electromotive force improvement. Lets cons! ider the scenarios you have provided: First, it is very important and short essential that you have faith in long full bourne employees. However, it is not wise to grant too much performer to any one single person in your organization, no matter how long theyve been with you. As per the first principle, we believe that your treasury Controller should be subjected to some segregation of duties and record keeping. Since he is the sole...

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