Reference no: EM132463229
Question 1: Write memo to Jim Boree's staff describing internal controls
Jim Boree, owner of Boree's Bushings and Things has enlisted your help as his business manager to educate the rest of his employees on internal controls within the company. However, before you can do so, you must first educate them on what internal controls are.
Share where have you seen internal control measures in your personal or professional life, and which of the five aspects of internal control they relate to: control environment, risk assessment, control activities, information and communication, and monitoring.
Response to a memo regarding either their past experience with internal control measures, or to ask probing questions regarding their memo to Jim Boree's staff describing internal controls.
Discussion - Internal Controls To: Jim Boree's staff
From: Crystal Holcomb
Date: 01/28/2020
RE: Internal Controls
Hope you're having a great day. Here are the 5 elements of the Internal Control System:
Point 1: Control Environment: Leadership integrity and commitment to ethics
Point 2: Risk Assessment: Ongoing process which identifies and analyzes risk
Point 3: Control Activities: Policies and procedures which mitigate the potential for errors and fraud
Point 4: Information and Communication: Information about the environment, risks, and control activities are communicated up, down, and across the organization
Point 5: Monitoring: A system which locates and evaluates the weaknesses within the system
These elements exist because of the effective internal control reduces the risk of asset loss, and helps ensure that plan information is finished and accurate, financial statements are reliable, and the plan's operations are conducted in accordance with the provisions of applicable laws and regulations.
Also here is a list of the primary functions:
- Establish Protocols and Procedures.
- Prevent Fraud and Theft.
- Separation of Duties.
- Organize Financial and Management Information.
- Reduce Errors Through Training.
- Uphold the Sarbanes-Oxley Act.
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