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Acc 557

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November 3, 2011

ACC 557

Jerry Mays
Manhattan Company
1234 Long Lane
Manhattan, New York 11131

November 3, 2011

Mr. Mays,

I hope this letter finds you well. As the new auditor for the CPA firm of Croix, Marais, and Kale, I would like to offer some suggestions to your great company for your internal controls. When having a strong internal control system, the internal controls are established to perform the following:
1. “Safeguard its assets from employee theft, robbery, and unauthorized use.
2. Enhance the accuracy and reliability of its accounting records. This is done by reducing the risk of errors (unintentional mistakes) and irregularities (intentional mistakes and misrepresentations) in the accounting process” (Weygandt, Kimmel, Kieso, p.340, 2010).

After reviewing some of your financial records and looking into your internal control system, they are some valuable suggestions I would like to recommend to your company. “Control is most effective when only one person is responsible for a given task (Weygandt, Kimmel, Kieso, p.341).” Your company possesses weakness in the following areas: establishment of responsibility (assign responsibility to specific employees) and segregation of duties (separation of duties) and documentation procedures. Your checks are properly endorsed; however, there should be a record of what checks are deposited. This way the accountant will have a better way of keeping up with what is being deposited. There should also be establishment of responsibility; this means that there should be certain employees designated and responsible for particular jobs. There should be at least only two people who are responsible for opening the mail and maintaining the accounts receivable records. By establishing system of financial tracking...

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