ACC 544 Week 4 Learning Team Assignment Controls
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Description
Proposal of Controls for Inflows
Every company needs an adequate internal control system to minimize the risk of errors in the company's accounting figures, attempts of fraud, and to ensure that the company abides to their production and managerial policies and procedures. Promoting employee efficiency remains important and helps keep investors apprised of the operations within the company and ensures they understand the company's financial standing with regard to the integrity of its internal control system. Following is a proposal depicting a design of the internal controls for the inflows of a company that include cash, sales, accounts receivable, inventory, and production.
Cash
Key areas for the design of cash controls include:
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Cash Security
- Acknowledgement of Cash Receipts
-...