$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!

Implement And Maintain Internal Control Procedure

tag 192 Downloads7 Pages / 1,564 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT


Describe about the Implement and Maintain Internal Control Procedure?


1. Purpose of internal control

One of the major objective of the internal control is helps the employees and the owners to understand the attitude of organisations as whole (Albrecht, 2009).  Internal control set protocol and procured for the employees to perform day to day transaction and duties.  Internal control helps to prevent and reduce the fraud.

Apart from that, internal controls aim the entity to run the business efficiently and effectively.  However, internal control measures are not built in overnight but it is one consentient process which ultimately given the entity to build the organisations structure (Bebbington et al.  2010). An internal control is a very much governance the risks and counter the threats to improve the performance of the organizations in future.

2. Maintaing the adequate system of internal control

The five major features of the internal control system help the entity or owner to manage the internal control. These internal control features are monitoring, controlling the several transactions, information’s, communications and finally the assessing the risk (Benedict and Elliot, 2011). Monitoring is very much help in reviewing the employee performance along with that it also help in controlling the transactions   that ultimately seek the information for communications.

3. Cost and benefit associated with internal control

Cost versus benefits relationship

 Since the organization has various cost benefit analysis by implementing the internal control. One of the major costing would be hiring of extra personnel for the monitoring the duty along with equipment like computer based billing are increasing the cost of the(Berry, 2009).  organizations . However, one of the major benefit would be entity would be able to keep track record of the expenditure, sales and employee absenteeism. This benefit would help the organization to control take over the control of entire process. These recurring cost will double the profit in near future for the organization (Bhattacharyya, 2010).

Two benefit of cost benefit relationship

Reducing the work pressure: One of the cost benefit relationship would be it will help the entity to increase the efficiency of human resources by decreasing the work pressure via implementation of computer based network (Bienstock and Mentzer, 2008).

Detect error: Prevent the error and irregularity which will increase the productivity of the organizations (Brigham, 2010). The entity may face various error like transaction error and human error which can be corrected via internal control system.


4. Role of internal auditors

  • Internal auditors maintain the expenditure and sales day books in order to manage day to day transactions of the organisations (Donelson et a n.d.).
  • Managing the expectation of the stakeholders via regular communications.
  • Assessing the risk on the key business activities using the collected financial information
  • Prepare of financial report and identifying the issues within the business to make improvements in operations and productivity among the employees (Finley, 1994).
  • Recommending for the suitable alternative options to the entity to increase the profitability and productivity of the company (Janvrin, 2003).

5. List of internal control weakness in both companies

Employee’s fraud: As per the case given both of the companies is facing the problem of internal control.  One of the Booker of the fast track company has conducted the fraudulent within the company via duplicate payment to supplier receipt and distributed among its friends (Janvrin, 2003). This is employee’s fraud which is raised due to lack of the control over the organizations. There has been numerous occasion where the employees or say bookkeeper does money embezzlement under the nose of the entity (Lenard et al. 2013). Here the employee Ms Simpson, and Mr. Oakley has done the billing the fraud which is also known as the employee fraud.  This is due to the manual handling of the transactions. Company is been suffering the entire loss due to tampering of the financial obfuscations (Rae and Subramaniam, 2008). This fraud is done by the employees because of the open access to blank cheques and financial records and cash. Apart from that manager does not verify or approve the discounts and credit memos which ultimately lead to employee fraudulent (Smith et al.  n.d.).

Accounts payables fraud: This type of fraud is generally done by the employee under the nose of the entity. Billing fraud is done by Ms. Simpson and their colleagues are taken the advantages of the entity and lack of proper internal control over the organizations (Vinten and Greening, 2001). All goods within the Fast track are been kept with the clerk who are responsible for the signing and receiving the slip  are   one of the major reason for fraudulent of billing within the Fast Track organizations (Hashemi,  2008).

Apart from that the manager of the company is always been busy and sign the cheques  and hand them to book peer  who does the fraudulent and filed the invoices as  per his wish (Balakrishnan and Sivaramakrishnan, 2008). Here, no billing or review of the vendor transactions with invoice numbers because the manager sis quite busy with other things. Lastly, No review of the vendor monthly statements for outstanding items has incurred the loss for the managers which create big losses in future (Hashemi,  2008).

6. Recommendations

Implement the internal control:

Internal control and programmes  helps to safeguard the company asset and cash from the fraud and theft.  Internal control is based on the few steps which helpful in reducing the error and detect the fraud within the organizations structure (Vinten and Greening, 2001).

Figure 1: Steps in internal control

(Source: Rae and Subramaniam, 2008, pp-104)

With the help of internal control functions adequate control hells the managers to delegate the responsibilities among the employees and set the benchmarking within their work. Internal control will helps to detect the fraud by establishing and maintaining the people at all level within the organizations (Lenard et al. 2013).  Internal control can increase the cost of the company but it helps the entity to cost effective in future. Internal control avoids the fraudulent which is been happen in the above case study of Fast track book keeper. Internal creates documentations of receipt and preparation of bank deposit within the books of accounts which reduce the employee fraud within the organizations (Janvrin, 2003).  In additions to that, internal control will make sure that, deposit stamps in the entire incoming cheques are manage as per the order and also requires two signature which alert the manager about the fraudulent among the employees. 

Computer based billing: Computer based billing helps manager to check the order and invoice which will receive the billing or accounts payables fraudulent. Computer based network will helps the company to make the monthly Du Pont analysis which help[s the fraudulent of invoices which has been done by the employees within the Fast track book keeper. Computer based transaction helps the manager detect the fraud in the manual transaction which can be caught at any time soon. This will reduce the human error and detect the fraud.

Hire experts: hiring an expert like CFA and CPA would give the organization additional benefit of the ethical accounting which will reduce the fraudulent conducted by the employees. Most of the employees are very much try taking advantages of entity because of the lack of expert in the area of accounting (Finley, 1994). Using GPPA method in accounting will help the Fast track to keep track of the expenditure and the actual cost which will help the company to reduce the error of principles, error of mission, error of commission within the financial statements. This will set the positive work environment that prevents employees from the fraud and theft.


Reference List


Albrecht, W. (2009). Financial Accounting. 3rd ed. New York: John Wiley & Sons.

Bebbington, J., Gray, R. and Laughlin, R. (2010). Financial Accounting: practice and principles. 7th ed. Bedford, London: Thomson Learning.

Benedict, A, and Elliot, B., (2011). Financial Accounting: An Instruction. 5th ed. Mason: South-Western Cengage Learning.

Berry, A., (2009). Financial Accounting: an introduction. 4th ed. California: Random House.

Bhattacharyya, A. K. (2010) Principles and Practice of Cost Accounting, 2nd ed. Oxford: Butterworth Heinemann.

Bienstock, C. C. and Mentzer, J. T. (2008) Sales Forecasting Management, Thousand Oaks, CA: Sage Publications

Brigham, E. (2010) Financial Management: Theory and Practice. 5th ed. London: Routledge.


Donelson, D., Ege, M. and McInnis, J. (n.d.). Internal Control Weaknesses and Financial Reporting Fraud. SSRN Journal.22-45

Finley, d. (1994). Game Theoretic Analysis of Discovery Sampling for Internal Fraud Control Auditing. Contemporary Accounting Research, 11(1), pp.91-114.

Janvrin, D. (2003). St. Patrick Company: Using Role Play to Examine Internal Control and Fraud Detection Concepts. Journal of Information Systems, 17(2), pp.17-39.

Lenard, M., Yu, B. and York, E. (2013). Do Discretionary Accruals Help Distinguish between Internal Control Weaknesses and Fraud?. International Business Research, 6(12).

Rae, K. and Subramaniam, N. (2008). Quality of internal control procedures. Managerial Auditing Journal, 23(2), pp.104-124.

Smith, R., Tiras, S. and Vichitlekarn, S. (n.d.). The Interaction Between Internal Control Assessment and Substantive Testing in Audits for Fraud. SSRN Journal.

Vinten, G. and Greening, M. (2001). Internal Control and Fraud in the Smaller Building Society. Journal of Financial Crime, 8(3), pp.201-205.

Hashemi,  S. A. (2008) Analyze the relationship  between operating cash flows and accruals, operating cash flow forecasting model, according and Auditing Review, 38, 1-24.

Balakrishnan, R. and Sivaramakrishnan, K. (2008) A critical overview of the use of fullcost data for planning and pricing. Journal of Management Accounting Research, 14: 3-31.

Download Sample

Get 100% money back after download, simply upload your unique content* of similar no. of pages or more. We verify your content and once successfully verified 100% value credited to your wallet within 7 days.

Upload Unique Document

Document Under Evaluation

Get Credits into Your Wallet

*The content must not be available online or in our existing Database to qualify as unique.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2016). Implement And Maintain Internal Control Procedure. Retrieved from

"Implement And Maintain Internal Control Procedure." My Assignment Help, 2016,

My Assignment Help (2016) Implement And Maintain Internal Control Procedure [Online]. Available from:
[Accessed 13 August 2020].

My Assignment Help. 'Implement And Maintain Internal Control Procedure' (My Assignment Help, 2016) <> accessed 13 August 2020.

My Assignment Help. Implement And Maintain Internal Control Procedure [Internet]. My Assignment Help. 2016 [cited 13 August 2020]. Available from: is one of the noted service providers that deliver essay help. We provide tailored essay assistance to make sure that student gets online essay help exactly in the way they want it to be written. We at have built teams of consultants, who readily attend every query related to help me writing my essay. We provide essay writing help in forms of tips and steps in order o assist students with tough essay assignments.

Latest Management Samples

BHIS 515 Masters Of Health Informatics For Circuit Switching

Download : 0 | Pages : 7

Answer: Wide Area Network connects several local area networks (LAN) to one other over a large scale network. Speed of transferring the data depends on the cost of connection which future depends on the distance of the router. WAN are not managed or controlled by a single entity these are retained by distributed ownership. Wired network area allows end user to access the application, services that are centrally located (Nobre, Mozzaquatro &...

Read More arrow

2103 Digital Marketing For Opportunity Of Increasing Brand Awareness

Download : 0 | Pages : 15

Answer: Discussing the potential opportunities and challenges new techniques could present to Amorespecific’s digital marketing activities  Opportunities- It is certain that rapid development of technology changed the business sector by giving people a way out of every challenge in business.  Due to the advancement of technology, digital media gained a huge popularity in the corporate or any business sector (Royle and Laing 2...

Read More arrow Tags: Singapore Management logistics University of Singapore 

BUS5SBF Statistics For Business And Finance For International Business Machines

Download : 0 | Pages : 11
  • Course Code: BUS5SBF
  • University: La Trobe University
  • Country: Australia

Introduction: The report discusses about the volatility and risk of stock market, return and market return. Usually, it is observed that stock market is volatile and unsteady (Berenson et al. 2012). Therefore, it is hard for evaluating the market performance. The report focuses to indicate the method of evaluating the company’s Price indexes through its market price movements. The price indexes for Boeing and International Business Machi...

Read More arrow

ACCM 4400 Auditing And Assurance For The Council Recommendations

Download : 0 | Pages : 14

Answer: JB HiFi Inherent Risk Justify Your Assertion and Ledger Audit Procedure/Task     Account(s) Impacted   Non-routine accounts or transactions The non-routine transactions are seen to be present in various types of the estimates taken into consideration by the management. The example of the non- routine transaction for JB HiFi can be seen with the incidence for dam...

Read More arrow Tags: Australia Edwardstown Management project management simulation University of New South Wales 

HSD1 Principles Of Health And Safety For Telecommunication Engineering

Download : 0 | Pages : 7

Answer: Hazards arising from Telecommunication Engineering Activities Telecommunication engineering plays an important role in electrical and computer engineering whereby it enhances communication from one point to another. However, the activities undertaken pose serious hazard to employees. Some of the activities involved in telecommunication engineering includes; carrying out work on all parts of the network in order to provide network connec...

Read More arrow

Save Time & improve Grade

Just share Requriment and get customize Solution.

We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits




Overall Rating



Our Amazing Features


On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.


Plagiarism Free Work

Using reliable plagiarism detection software, only provide customized 100 percent original papers.


24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.


Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.


Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1692 Order Completed

98% Response Time

Alfred Dodd

PhD in Computer and Information Science with specialization in Database

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2830 Order Completed

97% Response Time

Leroy Bicknell

MBA in Marketing

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2109 Order Completed

99% Response Time

Emma Zhong

Ph.D in Project Management with Specialization in Project Communications Management

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

416 Order Completed

95% Response Time

Tyler Moore

MBA in Accounting

Washington, United States

Hire Me

FREE Tools


Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.


Essay Typer

Get different kinds of essays typed in minutes with clicks.


GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.


Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.


Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability




Your Approx Earning

Live Review

Our Mission Client Satisfaction

Awesome work. Awesome response time. Very thorough & clear. Love the results I get with MAH!


User Id: 383727 - 31 Jul 2020


student rating student rating student rating student rating student rating

Work was done in a timely manner took it through grammarly checked for plagiarism very well satisfied


User Id: 463334 - 31 Jul 2020


student rating student rating student rating student rating student rating

Great work for the short notice given. Thank you for never disappointing and helping out.


User Id: 194216 - 31 Jul 2020


student rating student rating student rating student rating student rating

I received a full point on the assignment. Thank you for all the help with the assignment.


User Id: 411395 - 31 Jul 2020


student rating student rating student rating student rating student rating
callback request mobile
Have any Query?