Considering the value of assets (assigned per your balance sheet) used within yo
ID: 2425440 • Letter: C
Question
Considering the value of assets (assigned per your balance sheet) used within your business, recommend two (2) specific internal controls that you will implement to protect your company’s assets and resources, justifying how each will provide assurances to management. (NOTE: Safeguarding assets and protecting personal data are paramount to ensuring the viability of a business. Demonstrate to the lender/investor that your assets will be safeguarded and customer information (if applicable) will be protected.)
Explanation / Answer
1. Ensure only are authorized have physical access by documents or computers to assets like money and other valuable property
2. Establishing accounting records to ensure that no fake transactions are entered or processed and only valid transactions are recorded at the correct amount and in the correct accounts