Internal Cont

rolsMemorandum TO: Mr. Tim Tebow (President LJB Company) FROM: Gary Player Spongebob Consulting LLC CC: display board of Directors LJB Company DATE: March 26, 2012 frame in in: Review of inwrought Controls Introduction: Mr. Tebow, the accounting balance provides businesses with a uniform focusing in which to use your info and fiscal instruction. The three briny aras within the accounting formation of analysis, design, and murder must be complemented with a system of ingrained controls.  These Internal Controls, (IC) are a system within the startlenership system that play a chance upon role in the supremacy of the accounting system.  The ingrained controls protect your businesses from abuse and fraud. IC ensures that the information you are receiving is immaculate and timely, and that in all regulatory requirements are existence met.  The side by side(p) is a brief digest of what IC entails, and how it applies to your business. 1. there are five key elements of upcountry control: * environmental control * attempt sound judgment * Control bendivities * Information and communication * Monitoring.  each(prenominal) area contri justes an crucial part of the control system as a whole, and without all of the key elements present, the control system whitethorn not be effective.

environmental control examines direction and employee attitudes and behavior.  The objectives of management will light upon employee behavior and attitudes throughout the business. If your main objective as management is to get hold of certain sales levels at all costs, this may advise employees from adhering to the internal controls in place, and progress achievement of what management expects, unheeding of any consequences.  Risk assessment incorporates a businesses energy to canvas business risks, estimate their impressiveness and react or act accordingly.   Risk assessment is chiefly a managerial function, but can be include in a quotidian analysis by employees, if the live environment includes risk. The first-year two...If you want to get a expert essay, order it on our website: Ordercustompaper.com

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