How would you mitigate risk for purchases, payroll, and fixed assets? Describe a possible internal control plan for purchases and fixed assets.
The organisation faces risk of assets misappropriation, defalcation of cash, and risk of fraud which can be a serious issue for the organisation.
To overcome these issues the organisation must form in proper
internal control system.
Although internal control system does not provide absolute
assurance but it will provide reasonable assurance because internal
control system has its own in her and limitation.
The internal control system may be defined as a set of rules, policies and procedures to help the organisation to obtain its objective and also, internal control system is not only helpful in prevention of fraud forgery but it is also useful for the organisation in certain other ways such as :
Possible internal control planes for purchase and fixed asset are:
1. For Purchases
2. For Assets
How would you mitigate risk for purchases, payroll, and fixed assets? Describe a possible internal control...
Discuss how would you mitigate risk for sales process. What internal control plan would you implement?
Describe the function of how internal controls reduce risk and how would one design controls to reduce risk?
Explain how internal control work done by auditors impacts the audit risk equation. Does control risk change if the auditors are providing an opinion over internal controls? How is detection risk impacted?
Explain how internal control work done by auditors impacts the audit risk equation. Does control risk change if the auditors are providing an opinion over internal controls? How is detection risk impacted?
1-When assessing the risk of material misstatements in the financial statements, A.inadequate internal control procedures will mitigate client business risk. B.GAAS specifies in detail how much and what types of evidence the auditor needs to obtain. C.company management is responsible for determining materiality levels. D.the auditor must understand the client's business and industry.
Payroll Internal Controls Activity Using the figure from your book of the payroll accounting system procedures, list an effective internal control activity for each process, and how you would implement it. It could be a preventive, detective, or corrective. 1. Record hours worked or units produced:............................................................... 2.Compute gross pay, deductions, and net pay:..................................................................... 3.Complete payroll register:..................................................................... 4.Prepare various payroll reports:..................................................................... 5.Record payroll in accounting books:..................................................................... 6. Makepayments to employees (cash, check, or electronic deposit):..................................................................... 7.Update employees’earnings records:..................................................................... 8.Maintain payroll deduction...
For the following risk within the payroll process, please select the control activity that would best alleviate said risk: Paying fictitious employees. (Answer IS NOT "A") Time clock Accurately maintained standing data Imprest fund Monthly verification that all time cards have resulted in a paycheck
Describe the classifications of HF. How would you approach the patient who is at high risk but does not have HF in the PCP setting? When working with a patient with Asthma, one of the mainstays of treatments is to be sure and control environmental and food allergies. Describe how you would incorporate this into primary care practice. Describe what you find to be the most important component of pathophysiology to include in patient education to enhance compliance with medical...
Describe the components of a corporation compliance plan. What is an example of an internal control? Why is this important? You are the director of the respiratory department at a large hospital. You were told by the finance department you are over budget in expenses. What stakeholders and other roles in the hospital would you collaborate with to determine why expenses are high? What is the rationale for who you selected?
Design a control plan for exam scores for your quality management class. Describe how you would gather data, what type of chart is needed, how to gather data, how to interpret the data, how to identify causes, and remedial action to be taken when out-of-control situations occur.