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X/Bis Week 6 Essay

868 words - 4 pages

Internal Controls.

Internal controls are a certain system that includes actions and methods with emphasizing organization’s security and intention to protect its assets and keep the accounting process trustworthy and precise (Weygandt, Kimmel, Kieso, 2008). Protecting a company’s assets is necessary because of the danger resulting from robberies or even employee theft. Improving or keeping the accounting process and records correct is an important factor also because of the risk of unintentional mistakes and intentional inaccuracy.
Prior to 2002, companies were determining their own systems of internal control that could vary in intensiveness and sufficiency. However, after a few wide ...view middle of the document...

Thus, more people believe they are more secured investing in stocks than previously. Weygandt, Kimmel, & Kieso (2008) states that around 60% of investors prefer companies that follow and comply with SOX requirements, and many of them would not invest in organizations that fail to meet them. These facts easily explain why the price of company’s stocks would fall after announcement of insufficiency and inability to meet internal control requirements. Less security within the company spreads belief of insecurity on many potential investors based on reasonable basis.
However, nothing is perfect in this world, moreover imperfect internal control systems. Since internal controls require a very strict set of standards with the following monitoring, certain limitations are presented (Weygandt, Kimmel, Kieso, 2008). Companies design their internal control systems to provide reasonable assurance of proper safeguarding of assets and reliability of accounting records. This principle rests on the argument that the costs of instituting control procedures should not exceed their expected benefit. One factor, the ‘human factor’, is an important element and can be present in all systems on internal controls. Even very helpful and efficient systems can result in mistakes and misrepresentations because of employee’s errors, exhaustion, or other deviations. Weygandt, Kimmel, & Kieso, (2008) states ‘a good system can become ineffective as a result of employee fatigue, carelessness, or indifference’ (p.347). People may be too lazy to double check something what requires careful counting. In order to prevent such happenings, in the normal course of assigned duties, employees should prevent improper acts by detecting and correcting them within a reasonable amount of time, thereby extenuating detrimental effects. The other factor, ‘collusion’, arises when two and more persons agree on avoiding the rules and controls for their purpose which also negatively affects the productivity and efficiency of the system. The last factor...

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