Essay About Internal Accountantacc And Internal Control

Acct 541 – Recommendation Brief for an Internal Accountant
Recommendation Brief for an Internal AccountantACC/544April 20, 2014        Internal Control is the integral part of the business structure.  The overall purpose of internal control is to promote effective, orderly, economical and fraud less operation of the company. That includes quality of products, service consistent operation, safeguard of recourses, maintaining reliable financial and managerial data, as much as adherence to the regulations, statutes and procedures. Risk assessment, monitoring and the system in place for trial and error is crucial to the success of the business.         After reviewing the operation of the company and evaluating control system, that has been determine to be out of order, it is strongly recommended to hire an internal accountant who would provide an expertise to fix the system, develop new strategies pertaining specifically to the unique operation for the business. There is a list of advantages to have a professional accountant on staff:Evaluation of the present system and correction of the deficiencies areas in prior reporting and operationsEvaluation of company’s needs and developing specific system to address all of the areas of operationsDetail budget development for current operations and performanceDetailed budget outlook at the future growth and opportunitiesEstablishing of communication channels from the bottom up to the managerial levels within the companyDeveloping set of rules and regulationsImplementing internal audits, enforcing readability within the company, and minimizing violations Keeping up with the new regulations and information on the accounting and financial standardsDeveloping a system of classes within the company to relay needed information and regulation to all levels of employees.        Working closely with the management and owners of the company will insure analysis of the important areas and concerns of the company’s operation. The areas analyzed will address accuracy of the financial reporting, including present assets, cash flow from the operation as well as the understanding of government and industry standards and the ways to comply with.        Internal auditor’s expertize is an effective tool to establish the system of checks and controls, that will in turn minimize mismanagement, waist issues and fraud. Evaluation of the firm’s financial and informational systems, management procedures and internal control will insure accurate records and adequate operations. Excessive knowledge of the software programs that are available on the market and ability to evaluate it for the industry specific requirements will proof to be a great asset to the firm.