Discuss managements responsibility to establish overall basic internal controls

Discuss managements responsibility to establish overall basic internal controls. Provide a real-life example from a work situation where you saw basic internal controls in place.

Your initial response should be a minimum of 200 words. Graduate school students learn to assess the perspectives of several scholars. Support your response with at least one scholarly and/or credible resource, in addition to the text.

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The task of establishing basic internal controls is a critical responsibility for management. When internal controls are properly in place, they provide a framework for monitoring and managing the business operations of any organization. This essay will focus on defining basic internal controls and their purpose, exploring the benefits of establishing basic internal controls in the workplace, and providing a real-life example from a work situation where basic internal controls were in place.
The advancement of technology has had a significant impact on how people interact and communicate with each other. Social media platforms, such as Facebook, Twitter, Instagram, and Snapchat, have provided people with a unique way to interact with each other and share their thoughts and opinions. This has resulted in a shift away from traditional forms of communication, such as face-to-face conversations and written letters. This shift has allowed people to connect with more people from different backgrounds, cultures, and locations. Furthermore, the ability to access information quickly and easily has enabled people to stay informed about current events and news. This has contributed to an increased level of global awareness, as people have become more connected and engaged in what is happening around the world (Menon, 2016). As a result, technology has enabled people to connect with each other in ways that were not possible before.
Internal controls are defined as the procedures and policies implemented by organizations to ensure that their assets are protected, accurate financial records are maintained, and operations are conducted in accordance with their established objectives and goals (V Lakis & Giriūnas, 2012). Internal controls help organizations achieve their objectives, such as safeguarding assets, maintaining accurate financial records, and providing reliable financial information. They are also used to ensure compliance with laws and regulations, and to prevent fraud and abuse. Internal controls can be divided into two categories: preventive controls and detective controls. Preventive controls are intended to prevent errors and fraud from occurring in the first place, while detective controls are designed to detect errors and fraud that have already occurred (V Lakis & Giriūnas, 2012). Organizations should implement both types of controls in order to ensure that their assets are properly safeguarded, their operations are conducted in accordance with their established objectives, and that their financial records are accurate and reliable.
The establishment of basic internal controls in the workplace can have a wide range of benefits, as evidenced by research conducted by S Warburton in 2009. In the British Journal of Educational Technology, Warburton found that when internal controls are in place, the risk of fraud and other unethical activities is reduced. Additionally, businesses are able to more accurately track their financial transactions and create more effective financial reports. Furthermore, internal controls can help businesses with compliance to regulatory requirements and help ensure that the company is adhering to all applicable laws and regulations. An example of the benefits of internal controls in the workplace can be seen in the case of a small business. By implementing basic internal controls, such as segregation of duties, the business can ensure that no single person is responsible for all financial activities. By having multiple employees each responsible for different tasks, the business can prevent any potential fraud or misconduct. Additionally, the business can track its financial data more easily and effectively, which can help it gain a better understanding of its financial situation. Finally, the business can ensure that it is in compliance with applicable laws and regulations by having a system in place to review and monitor its activities. Overall, it is clear that establishing basic internal controls in the workplace can be beneficial in multiple ways. By reducing the risk of fraud and misconduct, helping to monitor financial transactions, and ensuring compliance with applicable laws, businesses can gain a number of advantages. Warburton’s research in 2009 demonstrated the importance of such internal controls, and a real-life example of these benefits can be seen in the case of a small business. (S Warburton, 2009).
Overall, it is clear that management has a responsibility to ensure basic internal controls are in place within their organization. Basic internal controls serve to ensure the safekeeping of assets and accuracy of data and reporting, which can be crucial for organizations of any size. Real-life examples of basic internal controls would be having specific procedures in place to ensure that sensitive customer information is only stored and accessible to authorized personnel, or having measures in place to protect the physical security of the building. In my role as a manager, I have seen these controls in place, such as setting access limitations for specific areas of the office, or having security systems in place. By having these basic internal controls in place, organizations can better put themselves in a position to protect their assets and resources, thus creating greater security and compliance.
Work Cited
S Warburton.”Second Life in higher education: Assessing the potential for and the barriers to deploying virtual worlds in learning and teaching.”https://bera-journals.onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-8535.2009.00952.x
“The concept of internal control system: Theoretical aspect.”https://epublications.vu.lt/object/elaba:4594571/
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