Controls For Outflows

Just as a company needs internal controls for inflows of assets, controls for the outflows must be in place to detect and deter errors and fraud. Internal controls are also needed so an organization can conduct business in an efficient manner, protect assets and resources, ensure accuracy of accounting data, produce reliable financial and management data, and ensure observance of the organizations policies and procedures ("Business Dictionary", n.d.). This proposal will offer appropriate controls for the processes of purchasing, accounts payable, cash disbursements, finance, investments, and payroll.

Purchasing

A company is in business to make money, but to make money it has to spend a large part of its budget on goods and services. These acquisitions can...