• April 29, 2022
  • David Marks
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AC 107 Week 4 Discussion New

Internal Controls: There are five components of internal control:
Control environment
Risk assessment
Control activities
Information and communication system
Monitoring processes.
In your own words explain the purpose of internal controls. Then select one of the components shown above and explain the role it plays in protecting the assets of the business. Many of these activities can be observed in the workplace both inside and outside of the accounting department. Please share any work experiences you may have had with these activities or any that you have observed in other businesses, even if they are not in the accounting department.  Be sure to provide a reference for any material used from a source.

Extra Questions: Bank Teller Ethics: Note: This question may not be used as your primary posting. It may be answered only as a secondary or reply post with a minimum 100-word count requirement.

Ben Thomas works as a teller for First National Bank. When he arrived at work on Friday, the branch manager, Frank Mills, asked him to get his cash drawer out early because the head teller, Naomi Ray, was conducting a surprise cash count for all of the tellers. Surprise cash counts are usually done four or five times a year by the branch manager or the head teller and once or twice a year by internal auditors.

Ben’s drawer was $100 short and his reconciliation tape showed that he was in balance on Thursday night. Naomi asked Ben for an explanation, and Ben immediately took $100 out of his pocket and handed it to her. He went on to explain he needed the cash to buy prescriptions for his son and for groceries and intended to put the $100 back in his cash drawer on Monday, which was payday. He also told Naomi that this was the first time he had ever “borrowed” money from his cash drawer and that he would never do it again.

The American Institute of Certified Public Accountants (AICPA) presents these steps in the ethical decision-making process:

Recognize issues when they arise.
Gather critical facts.
Identify the stakeholders.
Consider the alternative solutions.
Consider the effects of the decision on the stakeholders.
Consider your comfort level with the alternatives.
Consider the rules, regulations, and laws.
Make the decision.
Document your efforts.
Evaluate the outcome.
Based on the steps please answer the following questions.

What are the ethical considerations in this case from both Ben’s and Naomi’s perspectives?
Who are the stakeholders who may be impacted by Naomi’s decision about how to handle this situation?
What options does Naomi have to address the problem?
What do you think Naomi should do?

David Marks

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