Internal Controls and Fraud Assignment Help

Internal Controls and Fraud Assignment Help
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Internal Controls and Fraud Assignment Help

An introduction to Internal Controls and Fraud assessment

Employee fraud is viewed as a remarkable problem which is faced by companies of all sizes, locations, types, and industries. It is possible that your employees are loyal and work for your organization’s benefits, but there are many reasons which might compel them to commit fraud. Additionally, there are many ways through which they can do it. Today, students wish to know about internal controls and also about fraud, and so they get themselves in its study. When students need Internal Controls and Fraud assignment help, they contact the writers of BookMyEssay without any further delay. Students from all over the world believe in our writing because all our paper writers are highly qualified from recognized universities and they have hordes of experience in penning assignments for students for an extended period and due to this; they can provide an Internal Controls and Fraud case study writing service with extreme ease.

What is Meant by Internal Controls?

Internal Controls are recognized as programs or plans that are implemented for safeguarding the assets of your organization, thus, ensuring the truthfulness of its accounting recordings besides deterring and detecting theft and fraud. Separation of duties forms a vital ingredient of internal control which is capable of lessening the danger of fraud from happening. For instance, a retail store has got one salesperson, a manager, and a cash register employee. The cash as well as check register receipts ought to be tallied by an employee whereas another readies up the deposit slip. Again, the third one fetches the deposits to the bank. So, it can aid in revealing the discrepancies happening in the collections. Documentation is considered another internal control which can help in lessening fraud. Internal control programs ought to be monitored and revised consistently for ensuring that they are current and effective with technological as well as other advances.

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How Does Fraud Happen in an Organization?

One of the vital reasons for which a company selects to outsource its accounting is for lessening fraud. When you have got one or a couple of people doing your books then you have been putting yourself at a high danger for fraud. However, numerous small businesses aren’t even aware of how to get around this issue. These companies fail to hire a controller and they even find it tough to devote their time to double-check the work their bookkeeper has been doing. When you have the options, then you can employ a team of bookkeepers as well as a controller with processes to keep yourself away from botheration of fraud. The next option is viewed as a controller-only service.

Internal Controls that Can Stop Fraud

When you aren’t prepared for outsourcing, then below are mentioned some top controls which can assist you in lessening your danger of fraud:

  • Possess a copy of the bank statements that were sent to your house and devote three minutes for reviewing who has got the payment.
  • Do monthly bank reconciliations and this should be done by someone who doesn’t write checks.
  • Go through Accounts Receivable reports.
  • Limit permissions for people who are entering bills.
  • Implement an expense as well as reimbursement policy.
  • Confine manual checks besides locking-up the stock of checks.
  • Make use of a credit card for tracking the expenses of your business.
  • Confirm that the undeposited funds’ account does get cleared up regularly.
  • Review outstanding deposits and checks.
  • Use online banking for matching deposits and expenses and that too by a person who doesn’t write checks.
  • Don’t write checks and use bill.com.
  • Don’t share passwords.
  • Use the Audit Trail Report before filtering it for serious transactions.
  • Do a calculation of sales commission on received cash instead of billed.
  • Do a physical counting of fixed assets.

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