Internal Control and Risk Evaluation
Management at Kudler Fine Foods has reviewed the flowcharts prepared for payroll, accounts payable, accounts receivable, and inventory processes in Week Two and is requesting information on controls that will be required.
Prepare a brief of no more than 1,100 wordsin which you address the following:
- Analyze the risks in the systems that your team analyzed.
- Identify all risks and internal control points by incorporating the controls and risks into the flowcharts.
- Design internal controls to mitigate risks to the systems.
- Evaluate the application of internal controls to the systems.
- Discuss other controls, outside the system, that Kudler Fine Foods may need.