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Finance & Accounting
Pages 3 (753 words)
Internal audit of the organization: The regular internal audit of the company and the self assessments of every individual in the organization help to ensure the accurate implementation of the control systems and all the standards of business conduct (Arena, & Azzone, 2009)…
1- Management integrity: Management integrity, or the ethical nature of personnel of authority, designs the overall tone for the company. Management integrity is communicated with all the employees through the handbooks and procedural manuals of employees. 2- Competent personnel: A company’s capability to recruit and retain proficient employees shows management’s intention to appropriately recording of accounting transactions. Additionally, the retention of workers raises the comparability of financial records from time to time. 3- Segregation of duties: The University of California at Los Angeles observes that a segregation of duties is significant to effectual internal control because it minimizes the risk of errors and wrong proceedings. A successful structure of internal control segregates authoritative, accounting and custodial functions. 4- Record maintenance: Keeping proper records gives the surety that appropriate documentation exists for all the business transactions. The management of records include: storing, protection and ultimately destructing tangible or electronic records. The Environmental Protection Agency highlights that an accurate records organization program minimizes operating costs of the operations, improves effectiveness and reduces the risk of process (James, 2013). ...
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