Internal Controls & Conflicts of Interest

An accounting system is only accurate to the extent that it is used properly. The management of a company is charged with designing the accounting system, and developing an environment in which the system will be used consistently and correctly. Internal controls are the management policies implemented to assure that the information coming from the accounting system reflects the actual transactions of the company.

There are two prerequisites to implementing internal control techniques. One is proper management attitude. Unless the management of a company clearly communicates that it takes internal control seriously, internal controls will not be implemented successfully. The other is a well-designed accounting system. Proper documentation of transactions, control of assets, and good supervision are all necessary to make internal controls effective.

The first technique of internal control i

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Approximate Word count = 636
Approximate Pages = 3 (250 words per page)

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