Establishing internal controls over accounts

Assignment Help Accounting Basics

Reference no: EM131863205

Question: Discussion Review Minimum Of 150 Words Apa Format

Carlos: Internal controls are important so that accounts payable departments are responsible for processing payment of invoices for vendors so that their is no fraud schemes. I believe that the fire step would be the most significant step in establishing internal controls over accounts payable transactions because we have to make a payment so no matter how little or big the check has to be for, we will still be able to ensure that the amount is correct and accurate. "One of the ways in which an accounting department protects its accounting system ethics and internal users is to separate functions within the department." (Brenner, 2018) This quote goes to show that this type of internal control will allow for no misuse of company money allowing for the accounts payables to be actually paid for company expenses. This internal control will also allow for the accountant to ensure that the payments are made to the correct amount and on time to ensure no misstatements and errors occur in the financial statements.

Reference no: EM131863205

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