ACCT 205_Internal Control Unit 3 IP

ACCT 205_Internal Control Unit 3 IP - Internal Control...

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Internal Control ACCT205- Unit 3 IP Cheri Bolin June 23, 2011 Abstract In this essay you will find substantial information related to the importance of internal control and the impacts of vulnerable security and protections. Internal controls within a company must be priority and thought of as a protection to an organizations assets. There are many procedures, limits and symptoms that can be involved within an organizations internal control protocols.
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Internal Control It is imperative that an organization creates a controlled environment. Internal controls provide a level of confidence in financial information reported in financial statements. Limited internal controls pose opportunity for vulnerable employees who work regularly with organizations financial data. There are many limits that affect internal control at all levels. Three of those limits impacting internal control are: Lack of training & communication – when employees don’t understand the purpose of internal control or proper procedure to follow it can limit the effectiveness of internal controls. Staff size – for proper internal control, a company may need to segregate staff duties. Small
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ACCT 205_Internal Control Unit 3 IP - Internal Control...

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