Project Management
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How do federal policy holders and program managers continually seek ways to better achieve agencies missions and program results? What are the best ways to improve accountability? Market research may serve as a strong foundation in establishing the necessary principles for developing such results. A key factor in achieving such outcomes and minimizing operational problems is to implement appropriate internal control. This paper will focus on the strengths and weakness of Jamona.com internal controls as well as discuss and recommend additional controls to cover the weakness. Finally, we will identify all of the controls that are recommended and or existing.
Some may ask the question what is internal control? Internal control is a major part of managing an organization. It comprises the plans, methods, and procedures used to meet missions, goals, and objectives and, in doing so, support performance-based management. Internal control also checks the accuracy and reliability of its accounting data, promotes operational efficiency, and encourage adherence to prescribed managerial policies (GAO, 1999). Nevertheless, internal controls are put in place to keep the company on course toward profitability goals and achievement of its mission, and to minimize surprises along the way. They enable management to deal with rapidly changing economic and competitive environments, shifting customer demands and priorities, and restructuring for future growth. Internal controls promote efficiency, reduce risk of asset loss, and help ensure the reliability of financial statements and compliance with laws and regulations (COSCO, 2006).
With every company there will be strengths and weakness. Jamona.com internal controls strengths focus on being compliant with applicable laws and regulations. Reliability of financial reporting including reports on accounts payable making sure that each department verify all the information before it goes to the next department, financial statements that covers a wide range data from inventories, subsidies and fixed assets, and purchases for internal and external use. Jamona.com has rules and procedures that serve as a defense in safeguarding their assets and preventing and detecting errors and fraud. Those rules and procedures consist of auditors,