Example: Embezzlement for Sanchou University
2 . What internal control procedures might you recommend to remedy the control deficiencies associated with tuition receipt and repayment procedures?
Firstly, I would recommend actions geared towards shielding the college's assets, as well designed interior controls safeguard assets via accidental loss or loss from fraudulence (especially as it regards to the acquisition of educational costs receipts plus the ensuing payment of funds). Secondly, the reliability and integrity of financial information garnered by the FSD, and the details held by the different educational institutions of the school must be ascertained. Management will need to have accurate, timely and complete details, including accounting records, in order to plan, keep an eye on and survey business operations. Additionally , compliance is a important component to this technique. Sanchou School must be in compliance with the many government, state and local laws and regulations influencing the businesses of their organization actions. Lastly, it is my personal recommendation which the college seek to promote efficient and effective operations. This will likely provide an environment in which managers and staff can maximize the productivity and performance of their operations.
3. How exactly does the strengthen set up simply by top supervision influence the potency of internal control?
The tone set by top management- the corporate environment or tradition within which financial credit reporting occurs- is the central factor contributing to the sincerity of the economic reporting process and the subsequent fiscal environment at Sanchou College. Monitored operations, very clear set goals and objectives, sticking with proper process and the campaign of trustworthiness and ethics all absolutely influence the effective interior control.
4. What alterations, if any kind of would you produce if you were the president of Sanchou?
As president, it will be imperative to ascertain proper process within and alongside departments. Such...