Internal Control and Risks Evaluation

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Running head: INTERNAL CONTROLS AND RISKS EVALUATION 1 Internal Control and Risks Evaluation Tonya Bond ACC/542 November 9, 2015 Milan Havel
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INTERNAL CONTROLS AND RISKS EVALUATION 2 Internal Controls and Risks Evaluation Previously, a brief was issued to the company concerning the Automated Information System (AIS). We, the advisory team, recommended the company invest in National Cash Register (NCR) to purchase a low-cost propriety automation system to improve the Retail Enterprise Management System (REMS) so that Kudler Fine Foods could run smoothly in the operating areas of the business. In this brief, we will analyze the risks in the recommended analysis brief, identify all risks and internal control points by incorporating the controls and risks into a flowchart, design internal controls to mitigate risks to the system, evaluate the application of the internal controls to the system, and discuss other controls, outside the system, that the company may need. Internal Controls and Risks To properly evaluate the risks in the internal control areas of the business, it is important to become familiar with the four systems of inventory control. The four systems of internal control, that are detriment to the success of a business, are inventory, payroll, accounts receivable, and accounts payable (Kudler Fine Foods, 2015). These four systems of internal controls must have accurate and efficient information recorded from each employee to have an accurate revenue availability. Upon evaluation of the internal controls system, it has been
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  • Spring '14
  • Accounting, Kudler Fine Foods, Accounting software

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