Understanding Internal Controls

Understanding Processes and Procedures

Safeguarding Assets

In accounting - it's more than just debits and credits - it's also about your business and the safeguarding of your assets.So how do we do this if we don't know much about accounting?We do it by implementing internal controls, and processes and procedures, but most importantly we enforce and monitor them as well.This holds true in our own worlds.

After viewing the following fraud video from 60 minutes about Barry Minkow; think about what we can do to protect and be watchful of our own assets.What type of internal controls could we implement and why?Do you think some industries are susceptible to fraud more than others?Why?

This video is 5.22 minutes in length.

It Takes One to Know One - Barry Minkow(Links to an external site.)

https://www.dailymotion.com/video/x2q7e65

Instructions

An initial posting (of no more than 250 words)