Kudler Fine Foods, Internal Control and Risk Evaluation

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Kudler Fine Foods, Internal Control and Risk Evaluation

Kudler Fine Foods, Internal Control and Risk Evaluation
Letticia A. Craps
ACC542
May 7, 2010
Richard Westbay

Kudler Fine Foods, Internal Control and Risk Evaluation
      Kudler Fine Foods has decided to go forward with the recommended course of action from Learning Team B, which was to buy an out of the box Accounting Information System (AIS).   As with any implementation, consideration is given to existing internal and external controls.   At the same time, external and internal risks should be evaluated and measures taken to reduce these risks.   Internal controls can be created using the data diagrams provided by Learning Team B based on the new system.   The review of the application of the internal controls is an integral part of this process.   Lastly, other control issues, both inside and outside of the new system should be addressed.
      Controls-Internal and External
      “An organization’s financial resources must be protected from such activities as loss, waste, or theft.   Protecting such assets requires an organization to develop and implement an internal control system with its AIS, as well as within other parts of the organizational system” ((Bagranoff, Simkin,   & Strand, 2008 pg. 240).   This is a key concept for a company going through a new software implementation.   At Kudler Fine Foods, creating policy and procedure for the new system will be vital to its success.   Currently, there are no written policies for the accounting department or the embedded security system.   Without the documentation of policies, there is a lack of control of the business.   How can one know if the proper procedure for entering accounts payable is being done, when there is no reference?   How can an audit of the accounting department be done with no documentation of the policies and procedures?   There is no way to provide control of accounting information, both internal and external, without proper records.
Risks-Internal and External
      The biggest risk to...
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