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Internal Control

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1. Internal Control Paper
The following are the procedures for Accounts Payable for Jamona.com:
RECEIPT OF INVOICE FOR PAYMENT
Office Manager
Receives invoice in mail
Routes invoice to Accounts Payable
Accounts Payable
Reviews invoice
Codes for proper expense account
Enters account payable into accounting system
Prints check
Signs check
Mails check to vendor
Files invoice
RECEIPT OF BANK STATEMENTS
Office Manager
Receives bank statement, canceled checks
Accounts for numerical sequence of checks
Files checks in numerical sequence
Routes bank statement to Accounts Payable
Accounts Payable
Reconciles bank statement

a. Assess the strengths and weaknesses of Jamona.com's internal controls
b. Recommend additional controls to cover the weaknesses
c. Discuss and identify all of the controls (recommended and existing), identifying each control as preventive, detective, or corrective

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1. Internal Control Paper
The following are the procedures for Accounts Payable for Jamona.com:
RECEIPT OF INVOICE FOR PAYMENT
Office Manager
Receives invoice in mail
Routes invoice to Accounts Payable
Accounts Payable
Reviews invoice
Codes for proper expense account
Enters account payable into accounting system
Prints check
Signs check
Mails check to vendor
Files invoice
RECEIPT OF BANK STATEMENTS
Office Manager
Receives bank statement, canceled checks
Accounts for numerical sequence of checks
Files checks in numerical sequence
Routes bank statement to Accounts Payable
Accounts Payable
Reconciles bank statement

a. Assess the strengths and weaknesses of Jamona.com's internal controls
b. Recommend additional controls to cover the weaknesses
c. Discuss and identify all of the controls (recommended and existing), identifying each control as preventive, detective, or corrective

a. The internal control paper is put in placed in order to avoid any mistakes that might have happened via the use of paper. For internal control of Accounts Payable, the Office Manager has the responsibility to make sure that the invoice issued from the vendors are correct and that the payments are made correctly. Afterwards, they will have to check as ...

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