Accounting 1 Essay Example | Topics and Well Written Essays - 500 words - 1

Accounting 1 - Essay Example The organization had elaborate risk assessment about which every employee was cognizant. The organization conducted risk awareness and emergency response training regularly. Fire extinguishers were regularly checked and replaced and there were notices providing information on what do in the event of a hazard. The management routinely supplied employees with the latest information on common and emergent risks. I realized that the organization monitored and reviewed its internal controls periodically. The petty cash was checked at the end of every week and recommendations given on what to avoid and what to improve. Internal controls that were found ineffective or failing after monitoring were replaced and others were improved in order to enhance their functionality. The organization had a comprehensive yet simple way of reporting risks to the relevant officials in which everybody knew the most immediate person to approach. The organization had good information and communication system in place. The management issued memos in good time when calling for a meeting and every employee was issued with a copy of previous meeting’s minutes with the day’s agenda. The management was respectful in the way it summoned employee for disciplinary action and they did not let other employees know about it. The most outstanding element of the organization’s internal controls was its control activities. The duties of different individuals were separated and every individual knew what they were supposed to do and what to forward to the next person. This was most evident in the accounts department where duties such as approval of purchases, reception of deliveries, approval of invoices, review, and reconciliation of financial records were handled by different people. There were clear procedures for transactional authorization where there were officers entrusted with authorizing purchases and payments. No such transactions could be undertaken