control environments and risk assessment accounting homework help

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control environments and risk assessment accounting homework help

each must be 100 words or more

post one you must 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. For your second post, create a short memo addressed to Jim Boree’s staff listing and describing the five main aspects of internal control. Address why internal control systems exist. What are their primary functions?

respond and ask probing questions regarding their memo to Jim Boree’s staff describing internal controls for each of post below separately (post one) each must be 100 words or more

To: Mr. Boree’s Staff

From: Business Manager

Date: October 21, 2016

Subject: Internal Controls

An internal control system is made up of five aspects that are important in the efficient running of the organization. They are the control environment, risk assessment process, information, and communication, control activities and finally monitoring.

In a control environment operations of the business are put in control e.g. by restricting individuals from committing offences. The risk assessment process involves the detection and prevention of misstatements before they happen by considering the expected risk, its effects, probability of occurrence, and the decisions taken towards the risk.

Information and communication control system is set to engineer towards understandings in audit engagements in the accounting systems and the outside entity. The use of IT systems has helped much in the communication and passage if information.

Control activities are also set to ensure reliability of financial information and finally monitoring of internal control system in order to ensure effective running of the system. An example is a system that is put in place to obtain customers feedback in the organizations.

respond and ask probing questions regarding their memo to Jim Boree’s staff describing internal controls for each of post below separately (post two) each must be 100 words or more

To: Mr. Boree’s Staff

From: Business Manager

Date: October 21, 2016

Subject: Internal Controls

Thank you for taking the time to have interest in our internal controls. Every one of you contributes to upholding integrity, respect, dedication, and compassion that our customers need. So, we can continue to improve and excel in all of these areas, I would like to educate everyone on the importance of these internal controls and address the five main elements to have a strong foundation and guideline.

Internal control is a procedure or policy put in place by management to safegaurd assets, promote accountability, increase efficiency, and stop fraudulent behavior. No two systems of internal controls in different companies are identical, but there are many core philosophies upholding financial integrity and proper accounting practices. Lets take a look at the five interrelated components of the internal control system:

1. Control Environment

Control environment is a product of the management’s philosophy, style and supportive attitude, as well as the competence, ethical values, integrity, and morale of the organization’s people. The organization’s structure and accountability relationships are key factors in the control environment.

2. Risk Management

Risk assessment is the process of identifying, evaluating and determining how to manage events that threaten the accomplishment of a companies objectives. Not all risks can be prevented. Management must decide whether to accept the risk, reduce the risk to acceptable levels or avoid the risk all together.

3. Control Activities

Control activities are tools in which the company uses to help prevent or reduce the risks that can impede accomplishments of the organization’s objectives and mission. These tools can include documentation, authorization, supervision, safegaurding assets, and computer system controls like backup, passwords, and input-output controls.

4. Information and Communication

This is the extraction and exchange of useful information between employees and even customers, suppliers, and regulators. Information should be used to communicate between and among people to support decisions and coordinate activities within a company.

5. Monitoring

Monitoring is the review of an organizations activities and transactions to assess the quality of performance over time and to determine whether controls are effective. Monitoring is most effective when all employees understand the organization’s mission, objectives, and responsibilities and risk tolerance levels.

The internal control systems helps an organization safeguard assets, operate efficiently, ensure proper financial reports, and is in compliance with laws and regulations while stopping fraudulent behavior. Lets all continue to support our internal controls by keeping our best foot forward and upholding the five main elements.

Your supervisors are helpful tools if any questions, comments, or concerns arise, otherwise, feel free to contact me via email or telephone.

Thank you.

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