Internal Controls
Question – Internal Controls
You have recently started in a new organisation “Bucks Phyz” as a financial accountant. You have some early concerns over the sales processes of the company and have decided to undertake an initial internal audit of this area of the business. Using the information that you have gathered (the details can be found in Interact, in the Assessment folder in Resources) provide a 1,200 word business report to the Finance Director that addresses the following:
1. What are the main risks involved in the Bucks Phyz’s sales process?
2. How could the internal controls of the Bucks Phyz be further developed to mitigate the identified risks in its sales process?
Use text book for reference: Romney, Marshall B. & Steinbart, Paul John. & Mula, Joseph M. & McNamara, Ray P. & Tonkin, Trevor. (2013). Accounting information systems. Frenchs Forest, NSW : Pearson Australia
Case study is provided in another file.
Criteria / Learning Outcome HD
. Be able to analyse organisational processes for risk, and design appropriate control mechanisms to mitigate identified risk. Clear identification of all potential control risks for the sales process provided.
Provides specific recommendations that are clearly linked to the students’ analysis of the control risks in the case study provided.
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