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Internal

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by

yuanjing shi

on 28 April 2014

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Transcript of Internal

Whether Use Internal Control in the Company
designed by Péter Puklus for Prezi
Introduction
The Global Survey of International Federation of Accountants (IFAC)
Manage Inventory Levels

The inventory is not lost or stolen
Limitation
Yuanjing Shi (Tibby)
ENG102

Three benefits to use internal control in the organization
Two limitations of internal control
Reduce the risk of asset loss
Help ensure the annual report is completed and accurate
Example--WorldCom
Receive the real and relevant inventory data
Buy the locks and security codes
High cost
Train new internal control system
Buy some machines to coordinate the internal controls
Collusion
The definition of collusion
Create fake transaction
Conclusion

Build Up a Firm's Reputation and Dependability
Enhanced by written policies governing activities
Board of Direct and CEO create a positive internal control
Training employees
Prevent Fraud
Discover small errors before they become big problems
Design a proper internal control
Don't ignore the limitations
Full transcript