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Answer to Question #69909 in Accounting for Amber

Question #69909
Describe a process by which you would develop modifications to procedures to facilitate internal controls.
Expert's answer
Improving control can be provide by the next steps:
Segregate Accounting Duties
Restrict Access to Financial Systems
Increase Oversight
Have Financial Statements Reviewed by a Third Party
Require Employees to Take Vacation
Facilities of more effective internal control:
Automated and simple control;
Control is performed by an experienced person in a position of responsibility;
Preventive control;
One in a group of overlapping controls;
Detailed, transaction-level control;
Control providing in every case;
Control occurs as the transaction takes place or is processed.

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