Internal control | ac499 | Indiana University-Purdue University at Indianapolis


Assume that you are the internal auditor for the business and you have to evaluate the internal control procedures that have been implemented in the business.

There are three objectives of internal control:

  1. Assets are safeguarded and used for business purposes,
  2. Business information is accurate, and
  3. Employees comply with laws and regulations.

The five elements of internal control are:

  1. The control environment,
  2. Risk assessment,
  3. Control procedures,
  4. Monitoring, and
  5. Information and communication.

If you owned a business, you would expect your employees to:

  1. Work to achieve the business goals and objectives you establish.
  2. Use business assets (such as machinery or automobiles) only for legitimate business purposes and avoid wasting business resources.
  3. Record accurate data regarding business transactions so you could accurately judge how well your business is doing.
  4. Refrain from stealing your cash, supplies, inventory, or property, plant, and equipment.

In theory, you should be able to expect these things. In practice, however, you must establish an internal control framework to make sure your business objectives are achieved, assets are protected from theft and misuse, and financial data are recorded accurately.

 The following eight procedures (A–H) were recently installed by Quixote Consulting:

  1. The bank reconciliation is prepared by the cashier, who works under the supervision of the treasurer.
  2. All mail is opened by the mail clerk, who forwards all cash remittances to the cashier. The cashier prepares a listing of the cash receipts and forwards a copy of the list to the accounts receivable clerk for recording in the accounts.
  3. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers.
  4. At the end of each day, all cash receipts are placed in the bank’s night depository.
  5. At the end of each day, an accounting clerk compares the duplicate copy of the daily cash deposit slip with the deposit receipt obtained from the bank.
  6. The accounts payable clerk prepares a voucher for each disbursement. The voucher along with the supporting documentation is forwarded to the treasurer’s office for approval.
  7. After necessary approvals have been obtained for the payment of a voucher, treasurer signs and mails the check. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing.
  8. Along with petty cash expense receipts for postage, office supplies, etc., several post-dated employee checks are in the petty cash fund.


  1. Indicate whether each of the procedures of internal control represents: (1) a strength or, (2) a weakness. For each weakness, indicate why it exists and what procedures should be put into place to alleviate the risk.
  2. For each letter, A–H, you should have at least a one paragraph, thoughtful answer that includes good critical thinking.
  3. Your Assignment must be submitted in a single Word document.
  4. The document must use APA formatting and include a proper Running head, Title Page, and references (Please review the documents placed in Course Documents related to APA formatting and proper formal writing. You may use the file titled “APA Template” and revise it to meet the Assignment criteria).
  5. Use properly formatted headings to organize your paper.
  6. You must include proper references and citations for any content not original to you. Also, you must use independent references/citations to support any “personal knowledge” or “personal experience” you include in the analysis. Formal writing does not recognize your own personal knowledge as “common knowledge.” Therefore, proper independent support must be included for any assertions made.
Premium Custom Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.


Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.