Establishing a systematic set of procedures in a clothing store is necessary to prevent or minimize inventory losses, cash pilferage, unnecessary expenses and other problems that will cause your ...

Internal controls are necessary to prevent mishandling of funds, safeguard against loss and protect employees from inappropriate charges by defining responsibilities in the cash handling process. The ...

Employee theft and fraud cost restaurants from 4 to 5 percent of annual sales revenues each year, according to the National Restaurant Association. Despite this, characteristics such as business size, ...

In its most recent guidance for compliance with Sarbanes-Oxley section 404 requirements for smaller entities, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has provided ...

If you don't have time to do it right, when are you going to have time to do it over? Consistent performance increases the reliability of operating transactions. Accounting operations are considered ...

When I was a junior accountant eons ago, my boss would always give me the cash to reconcile or audit, the minutes to “abstract,” and the internal control questionnaire to go over with the controller ...

Today many companies recognize the desirability as well as the requirement to have an effective system of internal control. Yet, designing and implementing a cost-effective system of internal control ...

Setting up internal controls is challenging for small and midsized companies. Generally, you don’t have that many employees, and they tend to wear multiple hats. The business processes that fuel ...

Each department is responsible for safeguarding the university’s assets, whether those assets are in the form of cash, merchandise or supplies. A system of internal control is needed to ensure that ...

What are internal controls? The best definition I have come across is from Jonathan Marks, partner at BDO, who defined internal controls as: An internal control is an action or process of interlocking ...

Internal controls are measures adopted by the university to promote the thoughtful and efficient use of all resources. As an agency of New York State, the University at Buffalo is obligated to comply ...