Unit 3 - Individual Project 3

Unit 3 - Individual Project 3 - Accounting Principles...

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Accounting Principles 1 Running head: Accounting Principles Accounting Principles David Lee Watkins American Intercontinental University Online Professor Sunny Onyiri ACCT205-1004A-09: Principles of Accounting I September 12, 2010
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Accounting Principles 2 Accounting Principles 1) Identify the limitations of the internal control system. Provide at least 2 examples. Internal controls have the problem that they can be overcome in their security. An example is that systems that have been designed for the prevention of employee fraud can be “beaten” if two employees work together to fraud the company. Creating a stricter internal control system only causes the process to become more time consuming but does not eliminate the fraud. Another issue with internal control systems is that they can become too complex which can cause a “bottle neck” and delay any procurement through an overload of paperwork. A company needs to determine how the internal control will benefit or harm the overall business process. It needs to be cost effective; you do not want a process to purchase a $100 item to cost
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