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SNHU Employee Theft and Fraud Discussion Response

SNHU Employee Theft and Fraud Discussion Response

Nursing Experts

Description

Part A

Companies lose millions of dollars each year through employee theft and fraud. To prevent this, internal controls are implemented. We will examine the types of controls companies use, and discuss what happens when these controls are missing.
Consider this scenario: You own a small business with 25 employees. In your initial post, explain which internal controls you would use to protect your assets and ensure that your financial statements are accurate.

Part B

In your responses to your peers, critique their internal control proposals and provide constructive suggestions for improving them. What aspects or risks might they have overlooked? What would you suggest to make their proposals more effective and feasible?
Peer Post 1: Considering the scenario that I own a small business, the first control that I would implement is the segregating of accounting duties. Within small businesses, there are instances where one person within the accounting department may have to wear more than one proverbial hat to ensure all aspects of the accounting process are up held. With segregating the duties within the accounting department, will allow more visible attention to detail. The second control that I would instill is, the restricting of access to any and all financial systems. By implementing a form of administrative controls, this will help reduce the chances of false entries and irregularities. The next control I would implement is increased oversight. Although the accounting representative or representatives are fully capable and trust worthy with entering data and completing balance sheets, I believe it is worth the time and effort for either myself and or another person, to diligently review the bank statements and reconciliations on a regular basis.  The last control that I can think of that is very important, is having the financials statements reviewed by a third party person or group. This would help in identifying any inaccuracies or inconsistencies within the financial documents and help me better understand the financial data and how it can help or hurt the organization.

reply to
Peer 2 post: If I was the owner of the company I would implement a quality control section. Out of my 25 employees I would have have few of them whose sole job would be to audit all financial inputs that are put in. They would create their own checks and balances to ensure that they have a good overlook of what is being done. Ensuring strict disciplinary actions are taken when fraud is committed would be another measure that I would take. One way that I would like try to monitor the actions myself would be doing my own self audit at least once a month. For safeguarding information I would ensure that my employees are properly trained and continuously trained with knowing what to do with spam email and understanding when your computer has been hacked. I would also set up procedures that would create steps for filing information. People would have to follow these steps to ensure that their job is done and completed in a safe and reliable manner. All other information that you guys can contribute to me would appreciated.

 

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