In: Business and Management

Submitted By JTwisdWell
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In order for a business to operate effectively, it must have appropriate controls in several areas of operation. These areas include purchasing, accounts payable, cash disbursements, finance, investment, and payroll. These areas of operation can directly affect the financial statements, and there must be proper controls to ensure they are accurate and complete in the accounting records (Louwers, Ramsay, Sinason, & Stawser, 2007). Without proper controls, mistakes in the recording of these areas can mislead investors to make an investment based on false information or turn them away due to financial statements that undermine the company’s abilities (Louwers, Ramsay, Sinason, & Stawser, 2007). Adequate controls allow a company the ability to track entries throughout a continued process and separate duties and responsibilities among a multitude of individuals (Louwers, Ramsay, Sinason, & Stawser, 2007). Controls offer a check and balance system for areas of operations, as well as employees.
In conclusion, internal controls should be in place for purchasing, accounts payable, cash disbursements, finance, investment and payroll. These controls help ensure entries are properly identified, accurate, and completed in the accounting system (Louwers, Ramsay, Sinason, & Stawser, 2007). Controls in these areas help protect a company against fraud, theft, and abuse. Certain areas are more susceptible to these issues, and require more sophisticated controls. Companies have to decide the level of sophistication to implement, and what areas need enhanced controls (Louwers, Ramsay, Sinason, & Stawser, 2007). The benefit of these controls should outweigh any cost or risk of implementation. Companies must determine what level of risk they are willing to accept. However, some level of control in all these areas is ultimately…...

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