Internal control policies are effective only when the employees follow them. To ensure that they carry out its internal control policies, a company must hire a loyal and trustworthy employees.
what is difference between internal auditors and internal accountants?
what is the importance of these documents in an organization?
who is in charge of making risk assessment?
strong internal control is very important
under the receiving report, if a supplier of goods mistakingly short or exceed supply to purchaser the receiving department on expectation of quantity demanded through purchase order can verefy such omision by counting on invoice received for the goods, thus the receiving department is also oblige to send report to accounting department stating quantity and omision involved to re issue a new invoice based on the proper physical quantity arrived, then the supplier may write to purchaser department on if a particular omited quantity will be forwarded on next supplier as to avoid new invoice of omission.
under purchase company when goods are received by responsible department noted to be receiving department in a fair functioning firm, but in a petty company lacking modern strategy goods are commonly received by store keeper who accepts invoice from supplier and enter receiving report according to quantity received in regard of quantity listed inside invoice and indicate shortage all together in the same same invoice and let container driver sign to witness such shorting quantity as the purchasing company will not send complete payment of less quantity received, he also outline damages found at the moment of his receiving as it is very nessasery to discover howmuch goods received with good condition.
internal control is very important because it help the firm to know at any time what is happening with cash
what is monitoring in terms of control
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