Internal Controls Essays
Prepared: Hector Serrano
ACCT-504-63660 Accounting Financial
Professor Jones Kasonso
Table of Contents
A. Introduction 1
B. New requirement on going public 1
C. What the company is doing right 2
D. What the company is doing wrong ……………………………………………...…. 3
E. Conclusion 3
F. Reference 5
Per request of the President of LJB Company HS Accounting Firm has reviewed the company’s existing internal control mechanisms and provided answers to the president’s questions. This report advises the President on new internal control requirements, what the company is doing well, and identify what they are doing wrong. Additionally, review the proposed …show more content…
a. To establish an internal controlled company we must first start with top management. Even though your company is a lean and trusted organization internal control policies in writing must come from leadership with clear and strict procedure, compliances and severe consequences if these policies are not followed. Leadership must also set the example to establish that control environment, by an extreme code of ethics (Harrison, 2013).
b. To minimize risk your company must place some different hiring and screening procedures. Recommend contracting a professional hiring company that can screen your potential applicants for drugs, criminal records and creditability. Have a user identification and password to access company files and external web pages that cause hare or embarrassment to the company. Invest in a secure firewall information system to deny access to malicious and prohibited web pages. These types of behavior should be addressed in the company’s policies on proper conduct and office ethic, to avoid any other situation as previously encountered with the pornographer violator (Harrison, 2013).
c. Information must be a top priority, your company must show “accurate information to keep track of assets and measure profit