When you hear the phrase “internal control system required by Sarbanes-Oxley (SOX) Section 404,?” do you automatically think of policies and procedures? Simply having accounting policies and procedures does not indicate an internal controls accounting system. Well-written accounting control procedures that document well-defined accounting processes, however, are an important component of the control system you are building. Continue reading What Are Accounting Controls and Processes?
We all hope our co-workers and employees are honest, and they probably are. Yet, improper cash control, poor cash practices, and weak cash security can tempt people who are basically honest. Think about parking at the local mall. You always roll up your windows and lock your car to protect your possessions, especially if you made some purchases at an earlier stop. Most of the people who walk by your car at the mall are honest, yet you don’t want to tempt them by making it easy to take something that doesn’t belong to them. What are some internal controls for cash? Continue reading What Are Internal Controls for Cash Security?