Week 5 Summary

In our discussion of internal controls and the control environment I learned that policies and procedures are put into place by an organization to protect not only the organization from dishonesty but to protect the employee. The most effective control that I learned was the separation of duties. The separation of duties control establishes the requirements that are required for a process such as, no one person can handle consecutive duties that are related to one activity. An example of this would be an employee orders departmental supplies, the order is then sent to a supervisor for approval, once approved the order then goes to finance for account codes, and finally the order is placed through procurement. Having all these steps involved is for the benefit of securing...