Suggestion Internal controls, Joy Becket Eyeglasses for poor
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Joy Becket is the director of Eyeglasses for the Poor (EP). EP receives donations of eyeglasses and recycles them for use by the nearsighted needy around the world. Sometimes the eyeglass frames are expensive designer frames that can be sold to raise operating funds for the organization. Joy is concerned that EP's resources are not adequately safeguarded. This problem is compounded by the fact that there are relatively few employees so separation of duties is difficult. She does know that if anything goes wrong (i.e. waste of resources, embezzlement), she will be held responsible. Therefore, she has called you in as an expert consultant in the area of accountability and control. She has asked you to recommend specific procedures and policies for enhancing the internal controls for the organization. Identify policies and procedures she should consider adopting.
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Solution Summary
Your tutorial is 295 words and gives five potential prevention controls and two detection controls to improve this organization's ability to safeguard assets.
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Dear Ms. Becket,
Improving controls wisely prevents or detects errors, intentional or accidental, and can save you waste, theft, unauthorized activities and more. Control activities typically either prevent or detect unauthorized activities. I will suggest some of both kinds of controls.
Prevention
A well-designed system will reduce (but not eliminate) the risk that an error or unauthorized activity will occur. Segregation of duties is a ...
Education
- BSc, University of Virginia
- MSc, University of Virginia
- PhD, Georgia State University
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