PLease see attached documents. One is the directions, one is the rubric, and the other is the paper that I have been working on since the start of the semester.

Unit 6 [AC553: Developm ent and Evaluation of Internal Controls] Assignment Details and Rubric Unit 6 Project: Final Project: You will create a summative report on the control environment for your organization of choice. This Final Project will contain insights developed in the previous milestones of the Project, and include further insights based on the later issues discussed in the course (in Unit 6, you discuss financial reporting). The submission should also provide an overall commentary on the organization's control strategy. Final Project should be 10-13 pages in length. The format for the Final Project should be as follows and must include the headers: Title page Introduction: This will be milestone #1. Controls: Discuss all controls from the previous milestones. Provide a summary of the basic operations of how controls are accomplished at the organization. Cash & Collections (discussed in milestone #2 - Unit 4) Payroll (discussed in milestone #2 - Unit 4) Inventory Control (discussed in Unit 5) Financial Reporting (discussed in Unit 6) 4. Best Practices: Summarize the best practices for all controls from the milestones for the specific topic (e.g., inventory management) and include any insight from external research of how effective or efficient these best practices might be. 5. Strengths & Weaknesses: Detail the effectiveness and efficiency of your study company's control systems as compared to best practices identified in part 4, above and note any weaknesses or incongruities. 6. Assessment & Recommendations: Conclude with an assessment of your study company's overall internal control system and any recommendations you might have. 7. Reference page 1. 2. 3. Access the Final Project template formatted in APA. Directions for Submitting your Final Project Compose your Final Project in a Microsoft Word document and save it as Username-AC553 ProjectUnit#.doc (Example: TAllen-AC553 Project Unit 6.doc). Submit your file by selecting the Unit 6: Project Dropbox by the end of Unit 6. Grade Content, Focus, Use of Text/Research, and Organization Analysis and Critical Thinking Writing Style, Grammar, and APA Format % 50% 30% 20% Page 1 of 4 Unit 6 90100% [AC553: Developm ent and Evaluation of Internal Controls] Response successfully answers the Assignment question(s); thoroughly uses the text and other literature. Includes a strong thesis statement, introduction, and conclusion. The main points of the paper are developed clearly. All arguments are supported well (no errors in logic) using outside sources as assigned. Sources are primarily academic journals, with thoughtful use of web sources. References are applied substantively to the paper topic. Skillfully addresses counterarguments and does not ignore data contradicting its claim. Refers to sources both in-text and in the reference page. 80-89% Response exhibits strong higher-order critical thinking and analysis (e.g., evaluation). Paper shows original thought. Analysis includes proper classifications, explanations, comparisons, and inferences. Critical thinking includes appropriate judgments, conclusions, and assessment based on evaluation and synthesis of information. Response answers the Assignment question(s) with only minor digressions; sufficiently uses the text and other literature. Provides a good thesis statement, introduction, and conclusion that require some revision but that form a good basis. Response generally exhibits higher-order critical thinking and analysis (e.g., evaluation). Paper shows some original thought. Develops the main points clearly. Analysis includes adequate classifications, explanations, comparisons, and inferences. Supports most arguments concretely (no logical errors) using outside sources as assigned. Some sources are non-academic with over reliance on web sources. References not always clearly tied to development of ideas. Does not ignore data contradicting its claim, though the refutation may need additional support. Refers to outside sources in the text and reference page. Critical thinking includes adequate judgments, conclusions and assessment based on evaluation and synthesis of Grammatical skills are strong with typically less than one error per page. Correct use of APA when assigned. Appropriate to the Assignment, fresh (interesting to read), accurate, (no far-fetched, unsupported comments), precise (say what you mean), and concise (not wordy). Assignment is in 12-point font. Narrative sections are doublespaced. Assignment is free of serious errors; grammar, punctuation, and spelling help to clarify the meaning by following accepted conventions. Internally, each section has good organization. Transitions found between and within sections are mostly clear and effective. Generally appropriate to the Assignment, accurate (no far-fetched, unsupported claims), precise, and concise. Includes a title page and reference page. Assignment is in 12-point font. Assignment contains some generally minor grammatical and punctuation errors. Few misspellings. Citations generally follow APA guidelines (perhaps one or two minor errors). Page 2 of 4 Unit 6 [AC553: Developm ent and Evaluation of Internal Controls] information. 70-79% Response answers the Assignment(s) with some digression; sufficiently uses the text and other literature. Provides a thesis statement that needs revision. The introduction and conclusion do not set up or close the paper very effectively. Shows too little original thought (strings of citations that are not developed to support the thesis). Main points are adequately defined in only some areas of the paper; points may be over-emphasized or repeated. Some arguments are supported with outside research, but others may not be. Relies too heavily on personal experience or one source. The paper does not meet the source requirements. Some obvious counter-arguments are ignored or not well refuted. 60-69% Response answers the Assignment question(s) but digresses significantly; insufficiently uses the text and other literature. Response exhibits limited higher-order critical thinking and analysis (e.g., application of information). Analysis includes limited classifications, explanations, comparisons, and inferences. Critical thinking includes limited judgments, conclusions, and assessment based on evaluation and synthesis of information. Response exhibits simplistic or reductive thinking and analysis but does demonstrate comprehension. Sentences are occasionally wordy or ambiguous; tone is too informal. Grammatical skills are adequate with no more than 2-3 errors per page. The paper is not well organized. Sections lack transitions, and several sentences may be monotonous or confusing. The overall structure of the Assignment is not effective. Appropriate in places, but elsewhere vague writing interferes with the development and clarity of the main points. Numerous grammatical and punctuation errors. Misspellings are more frequent, but they are the sort spell checkers do not catch, such as \"effect/affect.\" An attempt at APA citation was made, but there are multiple errors larger than a misplaced period. Narrative sections are not double-spaced. Sentences are generally wordy and/or ambiguous; tone is too informal. Grammatical skills are inadequate, clarity and meaning are impaired, typically 3-5 errors per page. Inadequate use of APA format Page 3 of 4 Unit 6 0-59% [AC553: Developm ent and Evaluation of Internal Controls] Response insufficiently answers the Assignment question(s); insufficiently uses the text and other literature. Response exhibits simplistic or reductive thinking and analysis and demonstrates limited knowledge on the subject matter. Sentences unclear enough to impair meaning; tone is inappropriate and/or inconsistent. Grammatical skills are incompetent for college level; typically 6 or more errors per page. Unacceptable use of APA format. Page 4 of 4 Final Project: You will create a summative report on the control environment for your organization of choice. This Final Project will contain insights developed in the previous milestones of the Project, and include further insights based on the later issues discussed in the course (in Unit 6, you discuss financial reporting). The submission should also provide an overall commentary on the organization's control strategy. Final Project should be 10-13 pages in length. The format for the Final Project should be as follows and must include the headers: Title page Introduction: This will be milestone #1. Controls: Discuss all controls from the previous milestones. Provide a summary of the basic operations of how controls are accomplished at the organization. Cash & Collections (discussed in milestone #2 - Unit 4) Payroll (discussed in milestone #2 - Unit 4) Inventory Control (discussed in Unit 5) Financial Reporting (discussed in Unit 6) Best Practices: Summarize the best practices for all controls from the milestones for the specific topic (e.g., inventory management) and include any insight from external research of how effective or efficient these best practices might be. Strengths & Weaknesses: Detail the effectiveness and efficiency of your study company's control systems as compared to best practices identified in part 4, above and note any weaknesses or incongruities. Assessment & Recommendations: Conclude with an assessment of your study company's overall internal control system and any recommendations you might have. Reference page Access the Final Project template formatted in APA. Directions for Submitting your Assignment Compose your Assignment in a Microsoft Word document and save it as UsernameAC553 ProjectUnit#.doc (Example: TAllenAC553 Project Unit 6.doc). Submit your file by selecting the Unit 6: Project Dropbox by the end of Unit 6 . Running Head: Ford Company Ford Motor Company Jeffery Walburger AC 533 Development and Evaluation of Internal Controls 8/8/2017 2 Ford Company Introduction Inventory management is a humongous task especially when there are diverse products involved and with a huge amount of sales. Ford uses multilayered inventory approach, but the most applied are the ABC method. Product classification is achievable through the approach since Ford's car sales are based on the contribution and importance in the assortment plan. Ford types of cards that fall under category A are those that ensure that there is no loss accrued in the sales. It includes luxury cars sold under the Lincoln brand false under the 80-20 Rule/ Pareto Principle. Trucks are essentially fewer contributors to Ford's sales, but for clients requirement Ford still manufactures them. Personal cars are relatively significant concerning sales. Controls Ford has put in place the various mechanism that ensures that there is sufficient financial control. Therefore the discussion will entirely cover the measures that Ford has put in place to curb financial abuses and mistakes. Various measures have to be put in place to ensure that financial control in place in robust and scalable in the protection of the probable financial abuses. First, there is the implementation of a system of checks and balances that all parts of financial transactions are not handled by a single individual ("Top Ten Internal Controls to Prevent and Detect Fraud!", 2017). The measure to ensure its attainment entails a separate entity to handle receipts and deposits and designated individual is supposed to authorize disbursement, payroll, and purchases. Writing and authorization of a check are done by different people and supervisory approval during payroll preparation. Ford has also come up with a mandate for the accounting department to go on vacations. 3 Ford Company Secondly, Ford reconcile its bank's accounts every month ("Top Ten Internal Controls to Prevent and Detect Fraud!", 2017). The step is usually done by an individual who has no access to the company's bookkeeping and checks signing authority. Another task of the reconciliation is the examination of controls that might have been canceled and ensure the recognition of vendors, expenditure relation to the organization, the authorization signatures and the endorsement. Also, another duty is the examination of canceled checks and bank statements to ensure that it was not issued out of sequence. Finally, the reconciliation entails the combination of a reconciliation report. Ford has also ensured that the company's credit cards are entirely designated to be used for business purposes exclusively. The move has been the limitation of the company's credit card users and prohibition of using the cards for personal purposes. This is also a set account limit with credit card companies and proper information to the employees of the mandated use of the cards and the purchases that are not allowed. Another step is the reduction of liquid cash presence in a sales hub. Ford has made sure that there is a forum of ridding cash out of the system fast. The replacement of capital is often through reimbursement system in place. When clients make a cash purchase of a car, the money is deposited within the same day by two or more authorized individuals. There are credit cards machines are also readily available at each of Ford's auto-market. There have been a platform for protecting checks for fraudulent use, protection of checks and cash collection and avoiding and discouraging related party transaction has also been adopted by Ford Company. Another prominent aspect is that the company has put in place a clear mandate that ensures that all the assets and resources and only used for official purposes to avoid 4 Ford Company unnecessary expenditure. Another elaborate distinction that Ford has put in place for its financial control mechanism is that there has been in place fiscal procedures and policies written with the approval of the board regarding cash disbarment, use of company's assets, petty cash, conflict of interest, attendance and leave and travel reimbursement and expenses. Best Practices The various financial control measures that have been put in place by Ford Company elicit various aspects of the best practice for the company. The main issues that are elicited, in this regard include consistency, effectiveness and efficient("Best Practices and Internal Controls," 2017). It also encompasses segregation of duties, authorization, and training, safeguarding assets and review and approval ("Best Practices and Internal Controls," 2017). For reliability and operational transaction, there is need to be consistency concerning performance ("Best Practices and Internal Controls," 2017). There is minimal expenditure when there is efficiency in accounting operation. Ford Company embraced this approach to evade duplication of efforts since it is often eliminated by best practice ("Best Practices and Internal Controls," 2017). Ford has been able to bring into place streamlining processes, increasing productivity to achieve consistency and ensures that there is an effective and efficient process in all its operation. Strength and Weaknesses Recorded transaction has provided uniformity and as served training tool for Ford Company's employees. There is hardly any processing errors, employee inconsistency, and reduced financial information unreliability. There has been an assurance in Ford's correct and complete reliability of recorded information as a result. 5 Ford Company With regards to the company's segregation of duties, in the control system, Ford Company has ensured that every financial transaction is not handled by an individual in the transaction process. Reconciliation is one such platform that is used by the company to determine if there was fraudulent transaction since the person conducting is independent of the conventional basic accounting process of the enterprise. Thus, segregation of duties has enabled Ford Company to reduce the potential risks of inaccuracy of financial reporting and mismanagement of funds. There are various positive attributes which the best practice as mentioned above can be acclaimed. First, there is the fact that a company can reduce and prevent errors in a manner that is cost-effective ("Internal Control Practices: Overview," 2017). Another issue that is depicted in that the company is able ensures the prioritization of matters through early and clear identification and addressing them at an early stage. Employee's protection is another aspect depicted through the various measures put in place since there is the issue of adherence to specialization ("Internal Control Practices: Overview," 2017). Finally, it is a platform for which there are adequate checks and balances in all platforms that play a role in the well-being of a company. Assessment and Recommendations There are various weaknesses that the control system elicits and is detrimental to the organization. First, there is an illustration of weakness in internal financial controls within the company since there is an extensive segregation of financial functions to different employees (Markgraf, 2017). Second is the fact that is the lack of proper documentation since documentation of activities is an establishment of responsibility for particular actions should an issue arises (Markgraf, 2017). The inadequacy of employee training is another weakness in internal financial management since the financial statement is prepared following a particular 6 Ford Company standard. Instances of noncompliance report can occur in designing and executing procedural monitoring and detecting to issues and discrepancies report. Ford Company has in place prerequisite internal control system mainly to monitor all the accounting processes that are undertaken by the company. Being an international company, Ford Company is likely to seal all the loopholes that prompt financial mishaps if all the qualities as mentioned earlier are duly considered and receive full adherence. 7 Ford Company References Best Practices and Internal Control. (2017). Unr.edu. Retrieved 7 August 2017, from https://www.unr.edu/campus-business/units-and-services/campus-audit/best-practices Internal Control Practices: Overview. (2017). Blink.ucsd.edu. Retrieved 7 August 2017, from http://blink.ucsd.edu/finance/accountability/controls/practices/index.htm Markgraf, B. (2017). Weakness in Financial Management Internal Controls. Smallbusiness.chron.com. Retrieved 7 August 2017, from http://smallbusiness.chron.com/weakness-financial-management-internal-controls-66503.htmll Top Ten Internal Controls to Prevent And Detect Fraud!. (2017). New York State. Retrieved 7 August 2017, from https://www.omh.ny.gov/omhweb/resources/internal_control_top_ten.html