Application Of An Organization Of The Bank Statement Incurred Every Month
1. Develop an organizational culture that would endorse honesty and truthfulness in workers and in the workplace.
2. Make a sufficient data control system that would allow inter-department cross-referencing to ensure that the checks and balances are all correct.
3. Adapt and sustain appropriate accounting standard to use in preparing accounting records and statements.
4. Make a double check of all the cheques issued and cancelled and monitor all the credits and debts that are continuously incurred by the company.
5. Secure the assistance of eternal auditors that could provide them with complete and truthful auditing services.
6. Give sufficient to focus and time on checking on the bank statement incurred every month.
Answer1.1.2 IMPLEMENTING METHODOLOGIES
Appropriate methodologies should be developed and implemented in Pifco-Zen Chen Company limited to eliminate the abnormalities and irregularities of the financial documents of the company. Implementation should be initiated by CEO and CFO going to the top and middle management to be participated by all employees in the accounting, sales personals, and 96cashier and supply departments. It should be well checked by the external auditor to ensure transparency and accountability in the budget operation. Once the methodology is designed it should be verified and checked by company’s high positioned personalities that it divides the work load equally and help company boosting the…