Internal Controls Provide an original and substantive response to the questions posed in your Journal in a minimum of 200 words. You read about various internal controls that should be in place for ensuring sound operations and transaction processing. Internal control is a favorite topic of auditing students, since a lot of the internal controls you learned about can be applied to your jobs right now! Students enjoy bringing these internal control suggestions to their supervisors to improve processes.

Questions

1.) What are some control weaknesses you now see at your current (or past) jobs that you did not see before?

2.) What are your suggested improvements?

3.) If you do not have work experience to apply internal controls to, what are some controls you learned about that you were not aware of previously? Explain those controls and how they help prevent errors and fraud.

Answer rating: 100% (QA)

1 1 Lack of adequate segregation of duties 2 Lack of physical controls over cash and other assets 3 Lack of adequate documentation and approvals for t... View the full answer