Justification for an Internal Control System

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Running head: JUSTIFICATION FOR AN INTERNAL CONTROL SYSTEM 1 Justification for an Internal Control System Pamela Kaminski ACC/544 April 25, 2011 Adriane Treasure
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JUSTIFICATION FOR AN INTERNAL CONTROL SYSTEM 2 Justification for an Internal Control System Insurance and portfolio approaches are good controls, but they are not enough to protect the company from risks. As a controller I encourage you and your leadership team to increase the internal controls in the company. The insurance and portfolio approaches will be discussed and explained how they work. Also an explanation of why more internal controls are needed and how it will benefit the company. Insurance Approach Insurance is a way of looking at the risk, and knowing that an acceptance of loss is present, but it is not as large as it could be. Companies carry insurance policies to prevent obtaining a large liability from an accident or damages from acts of nature. By insuring the company, assets, or even the employees, management is saying that they accept there will be a loss, and the only gain is the company is insured, therefore, a claim can be made to replace or
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This note was uploaded on 06/25/2011 for the course ACC 544 taught by Professor Adrianetreasure during the Spring '11 term at University of Phoenix.

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