logo

Effective Internal Controls Report

7 Pages1510 Words82 Views
   

Added on  2020-04-07

Effective Internal Controls Report

   Added on 2020-04-07

ShareRelated Documents
Running Head: PROTECTION OF A FIRM’S ASSETS; INTERNAL CONTROLS 1A Report on the Protection of Motherboards and More Pty Ltd.’s Assets (Data and Resources)Through Effective Internal Controls:(To the CFO Motherboards and More Pty Limited)By(Name)Institution:Tutor:Date:
Effective Internal Controls Report_1
PROTECTION OF A FIRM’S ASSETS; INTERNAL CONTROLSExecutive SummaryThe report seeks to analyze the internal control weaknesses in the firm and suggest possiblesolutions to safeguard the firm’s assets. Motherboard and More Pty Ltd.’s revenue cycle is lacedwith inherent weaknesses in internal controls such as lack of segregation of duties, lack oftransaction supporting documents, lack of stock takes, and excessive sale on credit with no precisecredit sale policy. Such weaknesses pose grim weaknesses to the firm increasing the risk of fraud andoccasioning the loss of goods and delay in customer deliveries witnessed in the firm coupled withhigh bad debts. Implementation of checks and balances, segregation of duties, and regular stocktakes would cushion the firm against future loses. As a second part, the paper suggests possibleapplication and general controls to prevent a ransomware attack in the firm as witnessed in the recentransomware attack. Such controls include but not limited to integrity and validity checks, inputcontrols, firewalls security, encryption, physical access control, and compliance with the internal ITcontrols. The suggestion though does not provide a one-stop shop solution would provide areasonable security against future possible losses and threats.
Effective Internal Controls Report_2
PROTECTION OF A FIRM’S ASSETS; INTERNAL CONTROLSTable of ContentsExecutive summary................................................................................................................................2Overview of the revenue cycle...............................................................................................................4Internal control weaknesses, their impact, and possible solutions.........................................................4Overview of the Ransomware attack....................................................................................................5Appropriate controls to protect the firm from a potential Ransomware attack......................................5Conclusion..............................................................................................................................................6References..............................................................................................................................................7
Effective Internal Controls Report_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Motherboards and More Pty Ltd
|7
|1373
|487

ACC539 - Accounting Information Systems (Doc)
|9
|1623
|45

Systems Documentation and Internal Controls
|6
|1508
|118

Accounting Information System Assignment Solution
|9
|1804
|40

Impact of ransomware on revenue cycle in the organizational system
|9
|1799
|197

Ransomware and Revenue Cycle Assignment
|10
|1513
|57