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? (2

Q3. At the end of the month, XYZ company’s bank statement is different from the cash book balance. How would the company do the bank reconciliation? (

Question

06-11-2021
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? (2

Q3. At the end of the month, XYZ company’s bank statement is different from the cash book balance. How would the company do the bank reconciliation? (

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topeadeniran2 topeadeniran2 · Answer 1 · 2021-11-08T17:16:17-05:00

The risk of not implementing internal control is that it can lead to unethical practices in the workplace.

Internal control refers to the process for assuring the objectives of an organization in operational efficiency and effectiveness. Reliable financial reporting and compliance with laws are vital in internal control.

The risk of not implementing internal control is that it can lead to unethical practices. Also, since there isn't any review of the work done by the financial manager, and this can be risky for the company. This can lead to fraudulent activities.

Since the bank statement is different from the cash book balance, the bank can reconcile this by getting the bank records. This can be done through the checking of appropriate debit and credit transactions in the bank records.

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