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Essay / Research Paper Abstract
A 4 page paper discussing the Accounts Payable process at Jamona.com for the purpose of assessing controls that exist and recommending others that the company could use to improve internal control. The process given for Jamona.com appears to create opportunity for an individual within Accounts Payable to be able to embezzle funds at will. It needs to "complicate" its process to the extent that it would be more difficult for a would-be thief to steal from the company through Accounts Payable. At minimum, it needs to be sending invoices or copies of invoices to the departments charged with the amounts billed on those invoices. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSacctControl.rtf
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Unformatted sample text from the term paper:
in a pre-Enron, pre-Worldcom world, Labrack (1994) provides a lengthy account of how she, as a management accountant and controller for a small company, was seen as being the jack-of-all-trades
and for years handled everything that had to do with finances in any regard. Labrack (1994) kept all financial records; managed personnel and payroll; and acted as the companys
purchasing agent. Even a decade ago the arrangement was a recipe for disaster, a disaster that did not occur because of Labracks (1994) high level of personal integrity and
her commitment to ethical accounting practice and principles. In todays world where enhanced corporate governance has been legislated in the form of Sarbanes-Oxley,
perhaps scenarios such as that which Labrack (1994) describes will cease to be commonplace. Jamona.com has a process that appears sound but also is open to similar risks. Current
Process The company is large enough that it needs accounting clerks that have the separate responsibility of assigning payments to cost accounts and
issuing payment to vendors. Given the process by which Jamona pays invoices, however, it is possible that one person or department could be able to "walk through" an order
for payment of a bogus invoice, one created for the purpose of causing a check to be issued to an entity that has no legitimate reason for billing the company.
There is no indication that Accounts Payable checks for validity of invoices at any point. Though it could be possible for an
individual to create a number of invoices to be payable to himself, that possibility is relatively unlikely. It is far more likely that the company would suffer loss arising
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