week 4 final paper - 1 Internal Control and Risk Running...

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Running head: INTERNAL CONTROL AND RISK EVALUATION Internal Control and Risk Evaluation Jeena Cao ACC/542 January 10, 2011 Brad Thompson 1
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Abstract This brief contains information on controls that Kudler Fine foods has request after reviewing the flowchart done in weeks two. An analysis of the risks in Kudler’s current system is included and the all the risks and internal control points are identify. Also included in this brief is a design of internal control to reduce risks to Kudler’s system and the evaluation of the application. Other controls outside of the system that Kudler’s Fine Foods may need are also discussed. 2
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Internal Control and Risk Evaluation In week two, a brief was sent to Kudler Fine Foods to recommend them a system to improve the automation of their payroll, account receivable, account payable, and inventory processes. This follow-up brief is to provide Kudler with the controls that will be require for those processes. The content of this brief includes the analysis of the risk in the current system, spots of all the risks and internal control on the flowchart, a design of internal control to lessen the risks in the systems. Also an evaluation of the application and other controls outside the system that Kudler may need. Risks in the Current System Several risks were discovered when evaluating Kudler’s current system. For example, account payable, account receivable, and payroll account suffer from risks such as underpaying or overpaying. Also, fraud could be another risk, for example, when an employee gets a hold of information without authorization for personal used. For inventory, risks such as purchasing
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week 4 final paper - 1 Internal Control and Risk Running...

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