Stacyu03a2[1] - Internal Controls 1 Internal Controls-...

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Internal Controls 1 Internal Controls- u03a2 Jennifer Stacy BUS3060 – Fundamentals of Finance and Accounting October 27, 2010 Maureen Steinwall
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Internal Controls 2 Introduction The reason that Internal Controls for cash are important to a company is because agency managers are responsible for managing the resources entrusted to them to carry out government programs. A major factor in fulfilling this responsibility is ensuring that adequate controls exist. Adequate internal controls allow managers to delegate responsibilities to subordinate staff and contractors with reasonable assurance that what they expect will happen, actually does. The concept of accountability is intrinsic to the governing process. Public officials, legislators, and taxpayers are entitled to know whether government funds are handled properly and in compliance with applicable laws and regulations. They need to know whether government organizations, programs, and services are achieving the objectives for which they were authorized and funded. A key factor in achieving these objectives and minimizing operational problems is the implementation of appropriate internal control.
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This note was uploaded on 12/09/2010 for the course BUS BUS3060 taught by Professor Steinwall during the Fall '10 term at Kaplan University.

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Stacyu03a2[1] - Internal Controls 1 Internal Controls-...

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