Ph5IPInternal Controls - Phase 5 Individual Project 1...

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Phase 5 Individual Project 1 Running Head: PHASE 5 INDIVIDUAL PROJECT: INTERNAL CONTROLS Phase 5 Individual Project: Internal Controls Chris Normand Colorado Technical University Accounting 210-01 Prof. Antoinette Callistro August 5, 2010
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Phase 5 Individual Project 2 Phase 5 Individual Project: Internal Controls In consideration of the risks involved in any accounting system, and especially in a computerized accounting system, I will discuss the internal controls involved to reduce or eliminate that risk. Since the inception of the computerized accounting system (Peachtree Complete Accounting 2010), Lookin’ Good Inc. has had many questions concerning its risks involved and what internal controls I would recommend. First, let me define these internal controls. Anything that opens one up to possible harm or loss is deemed a risk (CTU Online, 2010, para. 2). When this pertains to business, it can lead to financial depletion, corporate scandals, and/or bankruptcy due to failure (CTU Online, para. 2). There are different types of internal control that help the auditors of that business stay on top of these kinds of risk. Types of control for the computerized accounting system might include (but are not limited to) these three: Establishment of Responsibility, Segregation of Duties, and Documentation Procedures (Harmon, 2008, slide 8-8). Establishing
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Ph5IPInternal Controls - Phase 5 Individual Project 1...

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