Jim Boree, owner of Boree’s Bushings and Things has enlisted your help as his business manager to educate the rest of his employees on internal controls within the company. However, before you can do so, you must first educate them on what internal controls are.
Your initial post must share where have you seen internal control measures in your personal or professional life, and which of the five aspects of internal control they relate to: control environment, risk assessment, control activities, information and communication, and monitoring.
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For your second post, create a short memo addressed to Jim Boree’s staff listing and describing the five main aspects of internal control. Address why internal control systems exist. What are their primary functions? Submit your answer in the discussion forum as a new post.