Q2. The office manager of ABC company has the authority to the whole financial operations. He authorizes activities, controls the company’s expenses, records the company’s transactions, and rarely takes vacation.
The owners of the company are happy with his work since the company is making a profit. You are giving the opportunity to educate the owners about the risk of not implementing internal control. What would be your advice?

Question

03-11-2021
Business

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Q2. The office manager of ABC company has the authority to the whole financial operations. He authorizes activities, controls the company’s expenses, records the company’s transactions, and rarely takes vacation.
The owners of the company are happy with his work since the company is making a profit. You are giving the opportunity to educate the owners about the risk of not implementing internal control. What would be your advice?

Sagot :

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anthougo anthougo · Answer 1 · 2021-11-05T16:18:56-04:00

My advice to the owners of ABC Company concerning internal controls affecting the office manager would be as follows:

It is time to promote the office manager. His promotion would relieve him of the responsibilities he handles presently. Promoting him would also enable management to segregate his duties.

Secondly, after implementing the promotion and segregation of duties, management should implement a compulsory annual leave policy. Having a company-wide leave policy bolsters internal controls by preventing and discovering suspicious fraudulent activities.

Thus, if the owners of ABC Company would buy these pieces of advice, they would improve internal controls without offending the hardworking former office manager.

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