Internal Controls Case Study by SchoolGirl

Internal Controls
An evaluation of Jamona.com's internal controls.
# 118903 | 1,519 words | 4 sources | APA | 2007 | US
Published on Mar 14, 2010 in Accounting (Managerial) , Business (Management)


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Description:

The paper first explains how management designs and implements internal controls to help comply with laws and regulations, to provide reliable financial reporting, and ultimately to meet the goals and mission of the organization. The paper then discusses the strengths and weaknesses of the accounts payable procedures for Jamona.com and recommends additional controls that may potentially strengthen the identified weaknesses. In addition, the paper classifies these controls as preventative, detective, or corrective.

Outline:
Strengths and Weaknesses of Jamona.com's Internal Control System
Recommend Controls to Cover Weaknesses
Discussion and Identification of Controls
Conclusion

From the Paper:

"Federal policymakers and management are constantly looking for more effective ways of achieving entities' missions and objectives through improved accountability. The implementation of effective internal controls is an integral part in achieving these goals. "Internal controls are systems of policies and procedures that protect the assets of an organization, create reliable financial reporting, promote compliance with laws and regulations and achieve effective and efficient operations." (Cuomo, 2005, p. 2) Due to the recent scandals of Enron and others companies, entities' are now required to establish and maintain adequate internal control structures which will be used to assess the effectiveness of the company. Strengths of a company are seen through the policies and procedures that managers enforce in order to maintain the integrity of the company. Preventive controls are designed to avoid errors or irregularities from happening, once and error has occurred, detective controls are designed to identify the undesirable outcome, and corrective controls are designed to keep the occurrence from reoccurring (Ohio University, 2007, 3-5)."

Sample of Sources Used:

  • Cuomo, A. (2005, January). Internal controls and financial accountability for not-for-profit boards. Retrieved November 15, 2007, from http://www.oag.state.ny.us/charities/internal_controls.pdf
  • Ohio University (2007). Internal controls. Retrieved November 15, 2007, from http://www.ohio.edu/audit/controls.cfm
  • The Richard Stockton College of New Jersey (2007). Internal control. Retrieved November 16, 2007, from http://intraweb.stockton.edu/eyos/internal_audit/content/docs/icnote2.pdf
  • United States General Accounting Office (1999, November). Standards for internal control in the federal government. Retrieved November 15, 2007, from http://mycampus.phoenix.edu/eresource

Cite this Case Study:

APA Format

Internal Controls (2010, March 14) Retrieved September 22, 2014, from http://www.academon.com/case-study/internal-controls-118903/

MLA Format

"Internal Controls" 14 March 2010. Web. 22 September. 2014. <http://www.academon.com/case-study/internal-controls-118903/>

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