In your responses to your peers, critique their internal control proposals and provide constructive suggestions for improving them. What aspects or risks might they have overlooked? What would you suggest to make their proposals more effective and feasible?

Peers Post:

In managing a company of any size, I think the first step would be to hire qualified management and leadership to oversee departments. I would then set up a schedule to monitor, track, and document our merchandise in and out to have a current account for inventory. This track what goes in and what goes out and track where and what sales the most and when supplies are low and need to be restocked. To ensure my financial statements are current and accurate, I would have a designated person or team that is skilled and trained in accounting to verify and monitor transactions and withdrawals are documented and documented accurately. We would also set up monthly, quarterly, or annual meetings depending on how the company transitions and grows. Having a plan and steps in place may not prevent fraud from happening overall; however, having a system in place will reduce the amount of fraud and errors.