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

04-11-2021
Business

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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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Tundexi Tundexi · Answer 1 · 2021-11-08T05:51:32-05:00

Let understand that Internal controls refers to the conventional rules and procedures implemented in a firm to ensure the integrity of financial and accounting information,

Examples of Internal control includes process of reconciliations, approval of processes, reviews, verification processes etc

The purpose of Internal control is to ensure that integrity takes place in the business practice.

Therefore, i will advice the owner of the company to implement the internal controls so that works of the manager and his surbodinate will be checked among themselves.

Learn more about Internal Control here

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Sagot :

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