ACC 544 Week 4 Internal Controls for Inflows
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Abstract
Revenue cycles are subject to a variety of risks. To address the various risks associated with the inflow of revenue appropriate cash, sales, accounts receivable, inventory, and production internal controls must exist. The Securities and Exchange Commission (SEC) have expressed a variety of concerns related to appropriate recognition of revenue inflows(Louwers, Ramsay, & Strawser, 2007), therefore it is important that each of the inflows listed abovehave effective preventive and detective risk management controls. Below each area of the company’s revenue inflow cycle and recommended controls to mitigate their associated risk is described.
Cash
Cash, of all assets within an organization is often times the first and primary target of fraud. Because cash is so highly liquid, it is difficult to trace cash-based fraud back to a specific individual or person. Cash controls are also compounded by the fact that it is not easily identifiable company property and is highly portable.
ACC 544 Week 4 Internal Controls for Inflows
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Abstract
Revenue cycles are subject to a variety of risks. To address the various risks associated with the inflow of revenue appropriate cash, sales, accounts receivable, inventory, and...