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Internal Controls Risk Evaluation Essay

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Dixon Week 4 Internal Controls and Risk Evaluation
Kaitlyn Dixon
ACC/543
October 8, 2012
Professor Sanders Moran


Dixon Week 4 Internal Controls and Risk Evaluation
Memo
To: Kudler Fine Foods
From: Kaitlyn Dixon
Date: 10/7/2012
Re: Internal Control and Risk Evaluation
Internal Control and Risk Evaluation
Internal controls are necessary to protect and provide assurance of these categories: “effectiveness and efficiency of operations, reliability of financial reporting, and compliance with the laws and regulations” (Hunton, 2004, Chapter 3). There are risks within Kudler Fine Food’s four systems: accounts payable, receivable, inventory and payroll.   Kudler Fine Foods needs to have internal controls to mitigate these risks. These internal controls will be applied to enhance the importance of segregation of duties and protect the integrity and reliability of financial reporting and operations. Outside this system Kudler Fine Foods will want to employ other controls such as a disaster recovery plan, create and distribute   a written policy regarding the security features in the REMS, employ limited access features, and additional security measures to protect the financial and accounting system.
Risks
Risks occur because of bad audit trails, confusing and non-existent personnel policies and practices, little to no separation of duties, system issues, and little physical protection of assets. Because Kudler Fine Foods has only three stores and a limited amount of employees and personnel, separation of duties are under-sighted, some of the systems do not have checks and balances. Risks of fraud and theft can occur when the systems and physical assets such as cash and computers themselves are not protected physically and logically.
Mitigating Risks and Evaluating Internal Controls
The accounts receivable flow chart does not have a need for controls as Kudler Fine Foods typically does not issue invoices and the money and purchase items are captured...

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