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Leadership confronts you as a controller and questions the need for an internal control system.
Write a report justifying the need for this system when controls are already in place with insurance and portfolio approach.
Explain why current approaches are valid but why an internal system will be more beneficial.
You need provide a practice in validating your proposal to leadership. You gain experience in justifying change and expenditures in order to mitigate risk while validating your ideas. Your responses may vary; they must provide a persuasive argument as to why current approaches are valid but why an internal system will be more beneficial. Responses must be well written and to the point.
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Solution Summary
Write a report justifying the need for this system when controls are already in place with insurance and portfolio approach.
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An internal control system is an indispensable tool in today's dynamic and extremely competitive business environment. Although the current approaches are valid, an internal control system will be quite beneficial in terms of a proactive approach to avoid errors, mistakes, losses and inherent risks in today's business environment. The insurance approach can be termed more of a reactive approach, i.e., to mitigate the impact of losses once such incidents have occurred. An internal control is a proactive approach to prevent occurrence of such losses in the first place.
An internal control system ensures that ...
Education
- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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