How are the internal control function and the efficiency of a company related? the effectiveness of the company. Therefore, this chapter highlights appropriate corporate control practices that protect the company from corruption and asset misappropriation. Additionally, the chapter explains the financial controls that safeguard your organization from fraudulent financial reporting and the rationale for criminal background checks and employee drug testing. Finally, the chapter highlights the importance of risk management professionals to the business. It also highlights the need and importance of hiring an external firm to audit the company's books. Say no to plagiarism. Get a tailor-made essay on the topic "Why violent video games should not be banned"? Get an Original EssayQuestion 1What financial or business controls are in place to protect the company from misappropriation of assets?Business owner/manager: Answer 1Establishment and implementation of appropriate internal financial controls within the company's internal structure, such as establishing employee responsibilities, maintaining accurate and adequate financial records. Additionally, employee compliance with the company's acceptable laws and regulations helps safeguard the company from possible misappropriation of assets. Company owner/manager response converted into textbook language Adoption and implementation of appropriate internal financial controls to improve efficiency and effectiveness within the company's internal structure. Internal financial controls include: Performing regular and transparent audits of the company's financial records to determine possible limitations within internal control. Furthermore, adequate technological controls and the division of tasks and responsibilities among employees for specific financial transactions prevent the possible misappropriation of company assets. Recommendation/Explanation Misappropriation of corporate assets is quite common in the modern business community. Therefore, there is a need to establish and implement appropriate internal control policies and regulations to help minimize the degree and frequency of illegal behavior within the organization. Systems such as employee rotation, use of technological controls, and maintaining accurate and adequate financial records will help protect the company from the misappropriation of its assets.Question 2What financial or business controls are in place to protect the company from corruption?Business Owner/Manager Response 2: Developing appropriate policies and procedures that effectively monitor compliance with internal financial controls will help minimize corruption risks and therefore improve transparency and accountability within of the company. Hiring qualified staff who fully comply with company policies is essential to reducing corruption in the workplace. Furthermore, organizing training programs will ensure that employees are well trained and guided by the principles and policies that govern the company. Company owner/manager response converted into textbook languageEnsure and establish strong internal financial control policies by conducting a thorough examination of the company's finances records preferably by third parties. The third party carrying out the inspection must be competent, qualified and with a solid reputation forsafeguard the integrity of the company and the process. Additionally, companies must train their employees to be fully compliant with the organization's laws and regulations. Recommendation/Explanation Corruption in the workplace has been a major obstacle to the company's growth. Employees who tend to engage in illegal activities slow down; otherwise it would have been the rapid development of the company. Therefore, it is necessary to establish adequate policies and procedures to help curb this vice within the organization. Furthermore, employees found guilty of illegal activities must be punished according to the laws and regulations governing the organization and, if possible, relieved of their duties. Question 3: What financial or business controls are in place to protect the company from fraudulent financial statements? Owner/Manager Response 3: Gaining in-depth knowledge and information about the employee's behavioral traits will help the manager identify any fraudulent behavior. Additionally, effective reporting of financial records improves and protects the company in the likely occurrence of financial statement fraud. The existence of independent and competent external accounting firms will help to identify unacceptable practices within the company, especially the production of financial statements. Response from company owner/manager converted into textbook language. Organizational internal control practices such as employee rotation and periodic monitoring of financial balances assist the business manager in identifying any discrepancies in the financial records. Furthermore, hiring financial experts such as Certified Fraud Examiners (CFE), Certified Public Accountants (CPA) and Certified Financial Forensics (CFF) helps in developing appropriate policies that facilitate quick detection of fraudulent financial activities within the company . .Recommendation/Conclusion: Large companies and corporations have proven to be inefficient and unproductive due to poor practices of some employees. Fraudulent and illegal practices have crippled the development of our organizations in today's corporate world. Therefore, it is necessary to develop rigorous and appropriate policies and procedures within our organization. This will ensure timely detection of fraud and therefore prevent possible future practices from occurring. As a result, this will facilitate the growth of our organization. Question 4 Have you performed background checks, including criminal and drug tests on your employees, particularly those who handle cash? Are they bound? Company Owner/Manager Response 4: I have not yet performed any background checks, such as criminal and drug tests, on my employees. However, I believe that background checks are imperative and that it is an indispensable practice within the organization for security purposes. Most employees with inappropriate traits in the workplace are likely a result of the criminal and drug abuse nature in which they live. Therefore, I believe it is necessary to conduct criminal and drug testing considerations in the workplace so as to minimize the possible risks associated with this behavior. Response from company owner/manager converted into textbook language. Drug testing and criminal background checks are substantial within the organization. . A company is required to conduct regular drug tests and criminal background checks during the hiring process. This will prevent the ability to offer job opportunities to candidates with inappropriate behavior. Consequently, this will result in the reduction of unacceptable and illegal practicesin the workplace. Recommendation/Conclusion The lack of employee background checks, especially criminal and drug testing, has contributed to the increase in illegal and unacceptable behavior in our workplaces. To ensure the future reduction of these behaviors in the workplace, organizations must conduct background checks and drug screens on candidates before offering them employment opportunities. And thus helping the company to hire unsuitable candidates. Question 5 Did you have a risk management professional who had access to your areas of strengths and weaknesses in your company? Company owner/manager answer 5: I had access to several areas of strengths and weaknesses in the company by a risk management professional. Risk management specialists are vital elements within the organization as they help highlight the company's weaknesses and then recommend possible improvements. Adopting SWOT analysis helps the company identify and evaluate the potential strengths, weaknesses, opportunities and threats that could affect the company's growth. Therefore, risk management professionals help determine various factors that influence growth and potential opportunities for the company, thus guiding the company during the decision-making process. Response from company owner/manager converted into textbook language. Risk management professionals help guide the company in deciding the inherent uncertainties that could affect the business. The SWOT analysis provides clear guidance on the appropriate practices to be conducted in retaliation with the dynamic business analysis and thus enables the manager to make the right decision for the company regarding managing future risks. Recommendation/Conclusion Any organization in our modern business world is subject to future risks and uncertainties. It is necessary for the company to have regular risk management professionals to guide the organization in decision making. Furthermore, companies need to adopt SWOT analysis in managing various risks and uncertainties. SWOT analysis helps the company to analyze its strengths, weaknesses, opportunities and threats before doing anything regarding risk management. Question 6 How often do you have an outside accounting firm review your books during the tax year? Who completes these checks? Business Owner/Manager Response 6: Businesses should allow an external accounting firm to review their books quarterly in each financial year. This will ensure timely detection of illegal behavioral traits, particularly financial reporting fraud, thereby developing appropriate policies and procedures to prevent future attempts at such behaviors. The audit of the company's books must be carried out by competent and qualified professionals such as certified public accountants. The company owner/manager's response is converted into textbook language. The company is required to conduct an audit of its books of accounts at least twice a day. every financial year. This audit process is carried out with the help of experts hired from third parties who must be qualified. Furthermore, they should have a strong reputation for safeguarding the integrity of the process. The organization can hire the certified public account or certified financial forensic agency to help in the process of auditing the books. Recommendation/Conclusion The process of auditing the company's books is an essential process within the organization; helps to evaluate.

Topic > How are the internal control function and the efficiency of a company related? the effectiveness of the company. Therefore, this chapter highlights appropriate corporate control practices that protect the company from corruption and asset misappropriation. Additionally, the chapter explains the financial controls that safeguard your organization from fraudulent financial reporting and the rationale for criminal background checks and employee drug testing. Finally, the chapter highlights the importance of risk management professionals to the business. It also highlights the need and importance of hiring an external firm to audit the company's books. Say no to plagiarism. Get a tailor-made essay on the topic "Why violent video games should not be banned"? Get an Original EssayQuestion 1What financial or business controls are in place to protect the company from misappropriation of assets?Business owner/manager: Answer 1Establishment and implementation of appropriate internal financial controls within the company's internal structure, such as establishing employee responsibilities, maintaining accurate and adequate financial records. Additionally, employee compliance with the company's acceptable laws and regulations helps safeguard the company from possible misappropriation of assets. Company owner/manager response converted into textbook language Adoption and implementation of appropriate internal financial controls to improve efficiency and effectiveness within the company's internal structure. Internal financial controls include: Performing regular and transparent audits of the company's financial records to determine possible limitations within internal control. Furthermore, adequate technological controls and the division of tasks and responsibilities among employees for specific financial transactions prevent the possible misappropriation of company assets. Recommendation/Explanation Misappropriation of corporate assets is quite common in the modern business community. Therefore, there is a need to establish and implement appropriate internal control policies and regulations to help minimize the degree and frequency of illegal behavior within the organization. Systems such as employee rotation, use of technological controls, and maintaining accurate and adequate financial records will help protect the company from the misappropriation of its assets.Question 2What financial or business controls are in place to protect the company from corruption?Business Owner/Manager Response 2: Developing appropriate policies and procedures that effectively monitor compliance with internal financial controls will help minimize corruption risks and therefore improve transparency and accountability within of the company. Hiring qualified staff who fully comply with company policies is essential to reducing corruption in the workplace. Furthermore, organizing training programs will ensure that employees are well trained and guided by the principles and policies that govern the company. Company owner/manager response converted into textbook languageEnsure and establish strong internal financial control policies by conducting a thorough examination of the company's finances records preferably by third parties. The third party carrying out the inspection must be competent, qualified and with a solid reputation forsafeguard the integrity of the company and the process. Additionally, companies must train their employees to be fully compliant with the organization's laws and regulations. Recommendation/Explanation Corruption in the workplace has been a major obstacle to the company's growth. Employees who tend to engage in illegal activities slow down; otherwise it would have been the rapid development of the company. Therefore, it is necessary to establish adequate policies and procedures to help curb this vice within the organization. Furthermore, employees found guilty of illegal activities must be punished according to the laws and regulations governing the organization and, if possible, relieved of their duties. Question 3: What financial or business controls are in place to protect the company from fraudulent financial statements? Owner/Manager Response 3: Gaining in-depth knowledge and information about the employee's behavioral traits will help the manager identify any fraudulent behavior. Additionally, effective reporting of financial records improves and protects the company in the likely occurrence of financial statement fraud. The existence of independent and competent external accounting firms will help to identify unacceptable practices within the company, especially the production of financial statements. Response from company owner/manager converted into textbook language. Organizational internal control practices such as employee rotation and periodic monitoring of financial balances assist the business manager in identifying any discrepancies in the financial records. Furthermore, hiring financial experts such as Certified Fraud Examiners (CFE), Certified Public Accountants (CPA) and Certified Financial Forensics (CFF) helps in developing appropriate policies that facilitate quick detection of fraudulent financial activities within the company . .Recommendation/Conclusion: Large companies and corporations have proven to be inefficient and unproductive due to poor practices of some employees. Fraudulent and illegal practices have crippled the development of our organizations in today's corporate world. Therefore, it is necessary to develop rigorous and appropriate policies and procedures within our organization. This will ensure timely detection of fraud and therefore prevent possible future practices from occurring. As a result, this will facilitate the growth of our organization. Question 4 Have you performed background checks, including criminal and drug tests on your employees, particularly those who handle cash? Are they bound? Company Owner/Manager Response 4: I have not yet performed any background checks, such as criminal and drug tests, on my employees. However, I believe that background checks are imperative and that it is an indispensable practice within the organization for security purposes. Most employees with inappropriate traits in the workplace are likely a result of the criminal and drug abuse nature in which they live. Therefore, I believe it is necessary to conduct criminal and drug testing considerations in the workplace so as to minimize the possible risks associated with this behavior. Response from company owner/manager converted into textbook language. Drug testing and criminal background checks are substantial within the organization. . A company is required to conduct regular drug tests and criminal background checks during the hiring process. This will prevent the ability to offer job opportunities to candidates with inappropriate behavior. Consequently, this will result in the reduction of unacceptable and illegal practicesin the workplace. Recommendation/Conclusion The lack of employee background checks, especially criminal and drug testing, has contributed to the increase in illegal and unacceptable behavior in our workplaces. To ensure the future reduction of these behaviors in the workplace, organizations must conduct background checks and drug screens on candidates before offering them employment opportunities. And thus helping the company to hire unsuitable candidates. Question 5 Did you have a risk management professional who had access to your areas of strengths and weaknesses in your company? Company owner/manager answer 5: I had access to several areas of strengths and weaknesses in the company by a risk management professional. Risk management specialists are vital elements within the organization as they help highlight the company's weaknesses and then recommend possible improvements. Adopting SWOT analysis helps the company identify and evaluate the potential strengths, weaknesses, opportunities and threats that could affect the company's growth. Therefore, risk management professionals help determine various factors that influence growth and potential opportunities for the company, thus guiding the company during the decision-making process. Response from company owner/manager converted into textbook language. Risk management professionals help guide the company in deciding the inherent uncertainties that could affect the business. The SWOT analysis provides clear guidance on the appropriate practices to be conducted in retaliation with the dynamic business analysis and thus enables the manager to make the right decision for the company regarding managing future risks. Recommendation/Conclusion Any organization in our modern business world is subject to future risks and uncertainties. It is necessary for the company to have regular risk management professionals to guide the organization in decision making. Furthermore, companies need to adopt SWOT analysis in managing various risks and uncertainties. SWOT analysis helps the company to analyze its strengths, weaknesses, opportunities and threats before doing anything regarding risk management. Question 6 How often do you have an outside accounting firm review your books during the tax year? Who completes these checks? Business Owner/Manager Response 6: Businesses should allow an external accounting firm to review their books quarterly in each financial year. This will ensure timely detection of illegal behavioral traits, particularly financial reporting fraud, thereby developing appropriate policies and procedures to prevent future attempts at such behaviors. The audit of the company's books must be carried out by competent and qualified professionals such as certified public accountants. The company owner/manager's response is converted into textbook language. The company is required to conduct an audit of its books of accounts at least twice a day. every financial year. This audit process is carried out with the help of experts hired from third parties who must be qualified. Furthermore, they should have a strong reputation for safeguarding the integrity of the process. The organization can hire the certified public account or certified financial forensic agency to help in the process of auditing the books. Recommendation/Conclusion The process of auditing the company's books is an essential process within the organization; helps to evaluate.