Risks and Internal Controls for Kudler Fine Foods Essay Example for Free

Risks and Internal Controls for Kudler Fine Foods Essay Internal controls are policies and procedures a company uses to ensure the accuracy and validity of their data. Risks are threats to that data that could be internal or external of the company (Hunton, Bryant, Bagranoff, 2004). The following paragraphs will identify and analyze the risks and internal controls as they relate to the information systems for Kudler Find Foods. This will give Kudler information on how to evaluate risks and the application of the internal controls and this document will discuss other external risks associate with buying a new accounting information system (AIS). Identifying and Analyzing Risks There are many types of risks that a company has to confront each day in information technology (IT). The four main types of risk are business, audit, security, and continuity risks. A business risk is when a company will not be able to achieve its goals and objectives; this could be union issues, a competing company, fraud, or production equipment failure. Audit risks include misstatement of financials by an auditor or a failure by an auditor to uncover fraud or material errors. A security risk can be a host of things that would ruin the integrity and access of the data, which can also lead to fraud or misuse of other information from internal (like employees) to external (like hackers) sources. And, finally, continuity risks are information system risks that have to do with backup, recovery and day to day availability of the system. When unplanned risks occur, management and auditor need to act quickly to intercept the risk, balance the risk with cost-effective countermeasures, since it is impossible to plan all risks (Hunton, Bryant, Bagranoff, 2004). It is important to thoroughly evaluate the AIS selected for risks as it includes confidential customer, vendor, payroll and corporate information within the master databases. The types of risks associated with Kudler’s new AIS system are system setup, data transfer and implementation issues, the AIS exceeding server capacity, other technology issues, and internal security breaches such as fraud, loss, or misuse of data. Typically the risks to AIS systems are primarily internal threats, as processing occurs behind the Company’s firewalls and system access is usually limited to only company employees. Kudler has multiple stores, so it might be web-enabled, allowing vendor users and employees to access the system over the Internet, which will expose their system to external threats. This increased connectivity might make unauthorized access easier for hackers and therefore data loss, industrial espionage, fraud and system outages could occur as well (Goldenberg, 2011). Internal controls are vital to put into place from this point of assessing the risks. Identifying and Analyzing Internal Controls The purposes of internal controls for an AIS are to protect the data resources against fraud, damage, and loss. It is also to ensure accuracy, validity, and reliability of the financials and operating data, which will help Kudler to stay compliant with its policies and procedures of the company and make better decision making strategies. For best business practices, internal controls need to be put into place, as the risks are many for Kudler, but in order for management to document their understanding of internal controls, they should use a flowchart to highlights risk issues and areas needing control. Attached are Appendix A, B, C, and D Data Flowcharts for Kudler. On these charts are highlighted areas of possible risks and potential internal controls to put into place (Apollo Group, 2013). The first step to developing an effective internal control system is to identify the areas where exploitation or errors are likely to occur. Separation of duties is the key to eliminate many fraudulent concerns surrounding accounting and finance. No employee should handle more than one of the following responsibilities: record keeping, authorization, reconciliations, and custody of assets. The following areas in accounting should also be reviewed for internal risks: * Cash receipts and disbursements: This will include deposits recorded and made promptly to the bank, checks signed and reviewed by management, petty cash secured and roperly recorded, bank reconciliations are done monthly and reviewed by Management, AP and AR master data files are secured with end user controlled passwords. * Payroll: This will include that all payroll changes should be approved by a supervisor, that disbursements are for actual employees, and tax filing are filed in compliance. * Fixed Assets: This will include all purchases of Fixed Assets are properly labeled and recorded and are used solely for work purposes, should be reviewed by Management monthly. Ordering (Inventory): This will include all orders are approved before placing, audits are done of inventory regularly, and inventory is properly recorded in compliance with depreciation schedules. * System changes: Approval of all changes that will occur to the system must be assigned by the Security Administrator to the Programmers and the Programmers must work with the end users for the changes and then get approval from Management before implementing the changes (BDO Consulting, 2009). Controls Outside of the System Other controls outside of the system that Kudler should evaluate for risks and improvement could be environmental controls, such as physical access to the building or utilities, or operational controls, such as personnel policies, strategic planning, administration, and supply chain, or even reputation controls, such as internal or external communications and media issues. Achieving understandable business controls on any level requires Kudler to clearly state procedures for handling each area, including a system of checks and balances in which segregation of duties has been established from beginning to end of the process. Management has the responsibility for setting a tone and degree of accountability and preciseness regarding the company’s assets and responsibilities. Management fulfills that responsibility in part by approving many aspects of the internal controls (Disaster Recovery Journal, 2011). Conclusion It is the responsibility of Kudler Fine Foods’ management to understand, monitor, and control risks. This document has shed some light on potential risks the company could face, but being prepared for all risks is impossible. Evaluating and implementing a system of internal controls allows the company to have peace of mind that the organization is able to deal effectively with managing its data, resources, and operations from certain risks. Internal controls also support reliable reporting and compliance with laws and regulations, which are necessary for best practices in business.

The Significance of Brown v. Board of Education Essay -- Case Review

In 1954, the Supreme Court of the United States was confronted with the controversial Brown v. Board of Education case that challenged segregation in public education. Brown v. Board of Education was a landmark Supreme Court case because it called into question the morality and legality of racial segregation in public schools, a long-standing tradition in the Jim Crow South, and threatened to have monumental and everlasting implications for blacks and whites in America. The Brown v. Board of Education case is often noted for initiating racial integration and launching the civil rights movement. In 1951, Oliver L. Brown, his wife Darlene, and eleven other African American parents filed a class-action lawsuit against the Board of Education of Topeka, and sued them for denying their colored children the right to attend segregated white schools. They sought to change the policy of racial segregation in their school district. The plaintiffs collaborated with the leadership of the local To peka NAACP to overturn segregation in public schools. In the fall of 1951, the parents tried to enroll their children into the neighborhood schools, but they were denied enrollment in the white schools and told to attend segregated black schools. The District Court noted that segregation in public education had a harmful effect on black children, but denied the need to desegregate schools because â€Å"the physical facilities and other ‘tangible’ factors† in Topeka, Kansas were all equal. The District Court confirmed the precedent established in Plessy v. Ferguson by the Supreme Court in 1896 and upheld state laws permitting, or requiring, segregation in public education. The battle for civil rights has deep roots in American history, and African America... ...eclaration of Human Rights† in Major Problems in American History: Volume II: Since 1865, 3rd ed. Elizabeth Cobbs Hoffman, Edward J. Blum, and Jon Gjerde. (Boston, Wadsworth, 2012), 363-365. 4. U.S. Supreme Court, Brown v. Board of Education, 347 U.S. 483-496. (1954) in Major Problems in American History: Volume II: Since 1865, 3rd ed. Elizabeth Cobbs Hoffman, Edward J. Blum, and Jon Gjerde. (Boston, Wadsworth, 2012), 365-366. 5. Ibid. 6. Ibid. 7. Martin Luther King Jr., speech given to Holt Street Baptist Church, Montgomery, Alabama, December 5, 1955, in Major Problems in American History: Volume II: Since 1865, 3rd ed. Elizabeth Cobbs Hoffman, Edward J. Blum, and Jon Gjerde. (Boston, Wadsworth, 2012), 366-367. Hoffman, Elizabeth Cobbs, Edward J. Blum, and Jon Gjerde. Major Problems in American History: Volume II: Since 1865. 3rd ed. Boston: Wadsworth, 2012.

Meaning of life †2006 singles Essay

Have you ever wondered what the meaning of life is, the purpose of our existence. Life is truly a mystery we know very little of our own selves. Something beautiful as a life is something amazing to watch. A life is considered priceless. Life is a treasure among treasures. I consider it a miracle that I am alive and talking to all of you today. The chances of me being here is 1in 5 million, and yet I am here. The same goes for all of you present here today. All of us should feel blessed that we get to experience the privilege of living. The miracle of life begins with the love of two people because of this love a life is created. One good thing leads to another. They’re maybe time that we are challenged, but we should never yield instead we take these challenges as an opportunity to grow in life. If somehow you fall all you need to do is simply stand up again and again. Life is not just a bed of roses we need to fight for what we want and stand for whatever we believe in. Don’t be afraid to encounter risks. It is by taking chances that we learn how to be brave. Don’t shut love out of your life by saying it’s impossible to find time. The quickest way to receive love is to give; the fastest way to lose love is to hold it too tightly; and the best way to keep love is to give it wings. Don’t run through life so fast that you forget not only where you’ve been, but also where you are going. Don’t forget, a person’s greatest emotional need is to feel appreciated. Don’t be afraid to learn. Knowledge is weightless, a treasure you can always carry easily. Don’t use time or words carelessly. Neither can be retrieved. Our generation is so attached to technology that we become like machines. We spend so much time on our gadgets that we fail to notice the things around us. We fail to see the beautiful world around us. Living is not simply eating and breathing is if we spend so much time on our cell phones and playing computer games then we were never alive in the first place. Our life is the greatest gift we are given. The memories we make with our friends and family. We laugh, cry, love and hate these are the proof that we are truly alive. Each and every one of us is irreplaceable all of us are one of a kind. Don’t think of your life as something insignificant maybe just by the act of living you are making someone happy. There is one thing to remember Life is not a race, but a journey to be savored each step of the way.

A Slave By Solomon Northup Essay - 1594 Words

The name of the book that brought several to tears, but gave us all hope was Twelve Years a Slave by Solomon Northup. This book was written in 1853 and has been republished in several editions. It’s thought of to be a memoir and a slave narrative by Solomon Northup himself. In 1984, PBS created a movie referred to as, Solomon Northup’s Odyssey, that was directed by Gordon Parks and 2013 there was a movie product of the book that was directed by Steve McQueen. There are several arguments that are realize throughout this book concerning why Solomon needed to write his book telling his story. The reason Solomon Northup wrote this book was to bring the treatment of slaves to the frontline. He wanted to express the reality of slavery and what it was like to be a slave. He strived to teach people that were blinded from slavery within the North of how slave was in the South. Solomon decided to give an account of him being a slave and the way African Americans were being treate d within the southern states. Solomon wanted others to see that slaves were people that grew weak and tired also. By reading this book I saw that this was an experience of a naà ¯ve man. This book was in great detail and was ordered by Solomon North’s encounters while being a slave. He was able to think about all of the points he believe was necessary enough to inform the world. This book is also inspiring as a result of most slavery books that were written by ghostwriters. Many other slaves couldn’t tell theirShow MoreRelatedThe Slave System By Solomon Northup1618 Words   |  7 PagesThe slave system was kept in existence for many years since the early 1600’s. A never ending cycle of pain, and harsh conditions From being in 12 years of slavery, Solomon Northup recounts the time when he had once been a free man to be kidnapped of that freedom back in 1841. The relationships that Northup encountered were neither positive or negative . From friends he gained or his slave masters, the relationships were shaped by slavery and helped intact the slave system. In those relationshipsRead MoreTwelve Years A Slave By Solomon Northup1070 Words   |  5 PagesTwelve Years A Slave (1853) By Solomon Northup Publisher: Miller, Orton Mulligan, 1855 # of pages: 336 Kamila Piloto Mr. Deliard Period 4 Twelve Years a Slave by Solomon Northup is a story about a slave whom was once free but was abducted and was sold into slavery. This story is an explanation of the suffering of slaves in the antebellum period and a demonstration of the inhumane treatment. â€Å"Before I came here I was free, a free man.† The setting of the story was in New YorkRead MoreTwelve Years A Slave By Solomon Northup1472 Words   |  6 PagesTwelve Years a Slave is a book which is written by Solomon Northup. He was born in New York. The book retail the author’s life story as a free black man from the North. He lived, got married to Anne Hampton, a woman of mixed (black, white, and Native American) and worked in New York, where is his family stayed. Besides, he was a great laborer and a violin player. In 1841, at the age of 33 a two con men offered him a profitable work with a high-paying job as a musician playing violin in the sierkRead MoreNineteen Years A Slave By Solomon Northup1493 Wo rds   |  6 Pages Twelve Years a Slave, a memoir penned by Solomon Northup, is a poignant and extremely touching piece of literature, on the plights of an American slave. It is the autographical journey of the writer himself, and the twelve years he spent in bondage. Born as a free African American in New York, Solomon was tricked into slavery, and beaten black and blue to when he tried to regain freedom. He worked as a cotton picker, a carpenter, a mill-worker, and faced severe cruelty. His final reunion with hisRead MoreNineteen Years A Slave By Solomon Northup Essay1737 Words   |  7 Pagesslavery unless they have experienced it themselves. 12 Years a Slave is a phenomenal book because, being a reflection of Solomon Northup’s life, it accurately portrays the life of a black slave during that time period, including intense detail that arises a variety of emotions in the reader throughout the book. Published in 1853 in New York by Derby Miller, and written by Solomon N orthup himself, his memoir entitled, 12 Years a Slave is a phenomenal narrative of the accounts he experienced as aRead MoreSolomon Northup, An African American Slave1176 Words   |  5 PagesAfrican-Americans were inferior. The slaves were forced into labor, punished, and treated poorly. Slaves involvement took away the most important thing in human life, freedom. During this time there were many influential slaves. Solomon Northup, an African-American slave who was kidnapped and sold into slavery was one of them. He is one of the world’s most important historical figures. Solomon is known world wide for the movie and book based on his biography, 12 Years a Slave. By publishing the unbearableRead MoreTwelve Years A Slave By Solomon Northup1636 Words   |  7 PagesMarina Ajayby Mrs. Fred Jordan History 2010 30 November 2015 Twelve Years a Slave Twelve Years a Slave is a book which is written by Solomon Northup. He was born in New York. The book retail the author’s life story as a free black man from the North. He lived, got married to Anne Hampton, a woman of mixed (black, white, and Native American) and worked in New York, where is his family stayed. Besides, he was a great laborer and a violin player. In 1841, at the age of 33 a two con men offered himRead MoreNineteen Years A Slave By Solomon Northup980 Words   |  4 PagesTwelve Years a Slave is a 1853 narrative memoir written by Solomon Northup and later adapted into the 2013 film, 12 Years a Slave. This compelling narrative contains two major themes: race and slavery. Each of these concepts is historically relevant in creating a stereotype of African Americans as uneducated lower-class citizens. â€Å"Hundreds of blacks lost their freedom through the operation of kidnapping rings,† and in 1841 Northup fell victim to one. Northup had taken to the violi n at a very youngRead MoreNineteen Years A Slave By Solomon Northup2429 Words   |  10 Pages The historical fiction, 12 Years A Slave by Solomon Northup, was first published in the United States of America by Derby and Miller in 1853 but the newest addition was published in 2014. The novel is an autobiographic account of Solomon himself who had been born a free man in the state of New York in July of 1808. Shortly after creating a great life for himself he was kidnapped drugged and sold into slavery. As the title suggests he lived his life as a slave for 12 years and was put through thingsRead MoreTwelve Years A Slave By Solomon Northup1284 Words   |  6 Pages Twelve Years a Slave Eric Marek HIST1301 Professor Belt 28 December 2015 In the opening of Twelve Years a Slave, it shows slaves cutting sugar cane with their â€Å"masters† continuously barking out orders for the them to follow. In the next scene, while the slaves are eating their meals in a beat up shack, Solomon Northup distinguishes the dark coloration of the blackberries and attempts to make a quill and ink. Despite solid labor, because of the thinness of the juice, his efforts