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Kudler Fine Foods

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Submitted By vickymar68
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Kudler Fine Foods relies on Accounting Information System (AIS) for its daily business operations. Due to the complexity of the business today, Kudler needs to understand the potential risks and how to mitigate them by applying internal controls to the AIS. This paper will discuss the risks and internal controls of Kudler’s AIS. The Risks to Kudler’s AIS Risk represents the possibility of a loss or harm to an organization (Raval & Fichadia, 2007, p.29). In developing effective AIS, risks should be analyzed and identified to protect the company’s assets and to promote operational efficiency. Kudler’s AIS uses four systems. They are Accounts Payable (AP), Accounts Receivable (AR), Inventory, and Payroll systems. These four systems have potential risks that may arise due to separation of duties conflict, unauthorized access, and human errors. At Kudler, the AP system is designed as an automated system. The potential risks to the system are the accuracy of the invoices’ approval and the segregation of duties conflict in adding or changing and approving vendors’ details. The sales process at Kudler involves payment by cash and credit. Even though the AR system is designed as an automated system, potential risk occurs when separation of duty conflicts exist in receiving and depositing the cash. The Inventory system at Kudler is also designed as an automated system. The potential risks are unauthorized modification of inventory level, separation of duty conflicts in preparing and approving purchase orders and in ordering and receiving the goods. Kudler’s payroll system is not an automated system. The potential risks to Kudler’s payroll system are accidental human errors, unauthorized access to the check stock, separation of duties conflict in processing and approving payroll payments, and in preparing and approving...

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