The organization’s structure assignment
You have an extensive background in manufacturing. Over your career, you have worked in both small and large manufacturing businesses as a salesperson, sales manager, VP of Sales, and then decided to finish your accounting degree and move to finance positions, including a Controller position, overseeing all aspects of manufacturing accounting. You know sales, accounting, and all operations within a manufacturing organization and how things should work.
You are now a fraud consultant running a lucrative consulting business, specializing in manufacturing operations. You have been asked by two of the companies you used to work for to help them determine how recently discovered financial fraud could have been avoided with proper processes, or internal control policies and procedures, in place.
Internal controls are important for companies as they implement rules and procedures, such as handling incoming cash, checks, and payment authorization, that help ensure the integrity of financial and accounting information, promote accountability and prevent fraud.
Internal controls can help improve the operational efficiency of financial accounting accuracy and timeliness.
When internal controls are not properly implemented and followed, an organization risks experiencing a variety of issues including – but not limited to – a failure to comply with laws and regulations, fraud, or employees stealing assets.
For your discussion post:
The following two businesses reached out to you to help investigate and correct their recent fraudulent activity from occurring again:
The Robotics Company—a robotics technology company that sells its equipment to businesses around the world.
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