Assess and comment in detail on the internal controls at your own place of employment.
If any cash is handled by anyone there, start with an analysis of that. If you do not
currently work, ask a friend about the controls at their place of employment.
The internal controls within my facility are executed by several people. All these people
work together when a customer orders products. I work at UTEC/Carrier. With each
step of the internal control process, there are several people used for each step of the
process. The facility I work at the controls start with HR. They have 5 people who work
together to monitor the HR process from hiring to background checks.
The inventory management process is always monitored to make sure the correct parts
are in stock to produce the customers’ product to their specifications. There are up to 8
people at a time monitoring customers’ demands. Twice a year they do a complete
inventory count within the whole facility. This is to make sure parts and boards are not
going out the door and sold on the black market. *(see story below).
The revenue process has the accounting dept. and several auditors on site. The
accounting department includes payroll. They outsource our checks to be printed but
the two people in payroll go through every employees’ timeclock punches to make sure
the hours worked match the hours paid. The system we have we swipe badges that
gives the employees a way to double check their hours every day.
Next is the financing process. This step includes the accounting and auditing people of
the facility. These people constantly work with accounts payable and accounts
receivable. The customer base is huge and monitoring these accounts will bring
revenue to the company which then they can invest and grow. The auditors monitor
