Internal controls are necessary to prevent mishandling of funds, safeguard against loss and protect employees from inappropriate charges by defining responsibilities in the cash handling process. The ...

Employee theft and fraud cost restaurants from 4 to 5 percent of annual sales revenues each year, according to the National Restaurant Association. Despite this, characteristics such as business size, ...

Creating reports on the effectiveness of your company's internal controls is a way to promote accountability among employees and managers and encourage ethical behavior within the organization. Like ...

Today many companies recognize the desirability as well as the requirement to have an effective system of internal control. Yet, designing and implementing a cost-effective system of internal control ...

If you don't have time to do it right, when are you going to have time to do it over? Consistent performance increases the reliability of operating transactions. Accounting operations are considered ...

When I was a junior accountant eons ago, my boss would always give me the cash to reconcile or audit, the minutes to “abstract,” and the internal control questionnaire to go over with the controller ...

Setting up internal controls is challenging for small and midsized companies. Generally, you don’t have that many employees, and they tend to wear multiple hats. The business processes that fuel ...

The Fast Company Executive Board is a private, fee-based network of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. BY Stephen Nalley Effective ...

The Washington state Auditor’s Office said the Edmonds School District needs better internal controls over cash handling at Meadowdale and Mountlake Terrace high schools. The audit, which covered ...

An essential function of every finance-related job on campus is to safeguard the assets of the university through the development and implementation of a solid structure of internal controls. Such a ...

What are internal controls? The best definition I have come across is from Jonathan Marks, partner at BDO, who defined internal controls as: An internal control is an action or process of interlocking ...