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Proposal for Controls

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Submitted By WEEZE
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Pages 7
Proposal for Controls
Joseph Cruz, Karina Landeros, Martha Moreno,
& Bryan H. Wintermantel
ACC / 544
May 11, 2015
Todd LaPore

Proposal for Controls
Businesses suffer from all types of losses that are associated with risks, some intentional and others are unintentional. Businesses have the opportunity to minimize the amount of risk exposure through the implementation of effective internal controls. “Internal Controls establish a process for how your business handles receiving and reporting money and administrative and management tasks” (Chron, 2015). In this paper, Learning Team B will discuss the development of a proposal for appropriate controls to cover cash, sales, accounts receivable, inventory and production.
Appropriate controls for cash
Cash is the easiest asset to steal, misappropriate and overstate. Because this is one of the most important liquidity assets of the company it is important that internal controls are in place. There are two areas in cash that need to have appropriate internal controls, receipts and disbursement of cash. The internal controls for cash are management ethics and integrity, separation of duties, two-person rule, limited account signers and account review (Dave, Copyright 2012 - 2015). Managers are the ones that lead all employees in accomplishing the company goals therefore management ethics and integrity is very important. Corrupted managers are normally higher than inexperienced people or people who can get easily manipulated. Having management with good ethics and integrity will help the company accomplish its goals. Separation of duties assures that money will be properly handled. The person who receives and deposits the money cannot be the same one who pays the bills. If a fraudulent check is written, it will not be caught because the same person that wrote it balanced the bank account (Dave, Copyright 2012

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