Question

Don't miss th Inaccurate and unreliable information can spell financial disaster for businesses and persons who use this information for decision-making purposes. From the standpoint of a business, accurate and reliable information is necessary in order for a potential investor to have when they are considering investing with the company. If the information is not accurate and reliable, this will potentially harm the investor Inaccurate financial information may be due to the incompetence of the accountant who prepared the financial statements or due to dishonesty and an attempt to conceal information How to get an A How to post Internal control is the system of policies and procedures that a company puts in place to provide reasonable assurances that: • The company's operations are effective and efficient • The company's financial reporting is reliable, and • The company is complying with applicable laws and regulations 1. In your first post, respond to the following questions: a. How can a business ensure that the employee who is preparing the financial statements is capable of doing so accurately? b. What internal controls might you recommend to the company to be sure that an attempt to conceal information has not occurred? c. On a personal note, how do you minimize risk for errors in your work? This may include your schoolwork or the work that you do for your employer. 2. Review the palms of your student colleagues and reply to at least two of your peers. Offer at least one other suggestion for implementing an internal control that could prevent fraud. What benefit can be gained by the additional internal control that you have recommended?

Answer 1

A) Having the right person on your team, whether they are in-house Or outsourced, is critical to having accurately prepared financial statements. You do need someone on your team who can advice you on How to read your Financial statements and help your company establish budgets for each line item.

B) Strengthening internal control policies, processes and procedure definitely makes companies a kese attractive target to both internal and External criminal seeking to exploit internal control weaknesses.

By conducting proper audit attempt to conceal information has not occured.

A common misperception among corporate employee is that internal control are solely the responsiblity of the company's audit department. While internal auditors measure the effectiveness of internal control through their efforts, they don't generally assume ownership. They assess whether the controls are properly designed, implemented and working effectively and make recommendation on How to improve internal control.

Know your employee can help you to prevent fraud..

Documentation is another internal control that can help reduce fraud.

Hire trustworthy experts..

C) * give full attention to what you're doing.

* avoid distraction... Distraction make you prone to mistake. They take away your attention and lower your productivity. Thus, they create confusion and your attention is split.

* Ease your stress.. Take A break from work and relax. Think about something nice Or go for A walk in park.

* Connect with family and friends. Talking to your family and friends is helpful to your brain.

*Do something different while on the break, e. ga. Reading A book.

*Create a cheaklist. To-do list is the easiest way to prevent mistakes from happening.

* Be clear about your roles.. It is crucial to know what your tasks and duties include not to mess upar.

* Learn from your mistakes.