Home Solutions Internal controls:one of the most imperative corporate management practice that helps to safeguard the resources on an entity.
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Internal controls serve as one of the most imperative corporate management practice that helps to safeguard the resources on an entity. In the contemporary business environment, business systems have changed, with accounting and auditing systems evolving daily making internal control a daunting task in small and large organizations. Internal controls deficiencies are one of the major concerns in the finance field, which remains an unsolved issue in today’s financial world. The organizational management is tasked with the responsibility of to decide the designing, implementing, and maintaining an effective internal control. Company’s shareholders do not have direct control over the company. The underlying reason internal control became my concern is that most of the major fraud and internal control weaknesses are revealed to investors when it is too late. This means that lack of proper internal control often causes severe consequences to the company (Pfister 36). By examining the company’s deficiencies, we can find out the effectiveness of its internal control. The improvement of the internal control strategies over the time should be reflected in the financial data, such as the fair value of the stock price. When examining the internal controls in an organization, some of the factors considered include the materiality of the transaction, and possible frauds that the company can be subject to.
The proposed study will be carried out under the epistemological philosophy that internal control deficiencies can be established by evaluating the entity’s return on the stock.
2.0 Problem statement
Given the increasing level of fraud in the contemporary business, there is a growing concern as to the best ways in which s…………………………….