Recommendation of Internal Control for Purchases, Payables and Essay

Recommendation of Internal Control for Purchases, Payables and Payments - Essay ExampleThere as well as remains the question of assessing the adequacy of the policies and procedures, and determine whether these are being implemented, working efficiently and being monitored effectively. The paper will further discuss the strengths and weaknesses in the inherent control system of purchases, payables and payments.Management is responsible to ensure that proper internal controls are being exercised and being operated as intended. We believe that this information will raffish to possible weaknesses in our organization and enable the management to initiate appropriate actions to address the concerns.The text book defines internal auditing as an independent, objective assurance and consulting natural process designed to add value and improve an organizations operations. It helps an organization to accomplish its objectives by evolving a systematic, disciplined approach to evaluate and im prove the persuasiveness of risk management, control, and organization processes.The internal audit activity evaluates the adequacy and effectiveness of controls that encompass the organizations governance, operations, and information systems. Internal audit reviews include the reliability and integrity of financial and operational information, effectiveness and efficiency of operations, safeguarding of assets, and compliance with laws, regulations, and contracts. These reviews also ascertain the extent to which operating and program goals and objectives have been effected and whether they conform to the requirements of the organization. Besides, it also examines the extent to which results are consistent with established goals and objectives and whether operations and programs are being implemented or performed as intended.This paper will also strive to help in improving the functions of internal controls in purchase, payable and payment first by describing the existing