Demonstrate more depth and thought from the post below.

 

       It appears most companies will act once they experience fraud, theft, or other unfortunate event. Our reading shares, "Accounting is one of several professions that serve very important functions within the economic system itself" (Hartman et al. 2021 p. 104). We must avoid having a conflict of interest and this was not the case with the story I am about to share.

            We at the Superior Court experienced theft by one of our supervisors assigned to the accounting department. This was years ago at a different court division. There was very little oversight to cash handling.  I will share the story link below. The events caused a strong revision of how we handle cash. There were new steps implemented to serve as a checks and balance and surprise audits which continue to this day. Every day there are two individuals who verify petty cash received and a signature and document are always required.  

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Expanding on the Importance of Internal Controls A Case Study The post highlights a crucial concept in accounting and business the importance of inter... View the full answer