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MODULE ONE HOMEWORK.

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Added on  2019-10-30

MODULE ONE HOMEWORK.

   Added on 2019-10-30

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Running Head: MODULE ONE HOMEWORKAccounting ControllershipSubject Code- ACC340Trimester No.- Student’s name- Word Count -300 Professor – University –
MODULE ONE HOMEWORK._1
MODULE ONE HOMEWORK2Due to the fraud, Reliable medical supply’s bank balance, its capital, accounts payable and the cash/bank transactions were affected [ CITATION Hal17 \l 16393 ].The basic motto of an internal control is to minimize the potential threat of theft, loss or any form of misappropriation. The seven elements of internal control ensure that it will succeed in the setup of compliance, measurability and keen observance in the course of operations of a business [ CITATION Bra11 \l 16393 ]. Based on it, controls which were missing are:Completeness: The bookkeeper has omitted the required transactions from the accounting records. Authorization: The bookkeeper has forged her boss’s signature and there was no one to cross check her activities [ CITATION Hal17 \l 16393 ]. Accuracy: It ensures that the transactions are consistent and accurate in nature and recorded timely. In the given case, the transactions were omitted or not recorded by the bookkeeper. Error Handling: Any error detected is immediately reported for the purpose of verification to the management. In this case, it was lately detected and recovery of money is still a question [CITATION Hal17 \l 16393 ]. Validity: The accounts of this concern fails to reflect true economic events and not as per the management’s authorization. Physical Safeguard and Security: The access to information system and assets were not restricted to the bookkeeper of which she took extreme advantage [ CITATION Bra11 \l 16393 ].Segregation of duties: The maker and checker were the bookkeeper herself and the organization failed in this particular element.
MODULE ONE HOMEWORK._2

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