control environments and risk assessment, accounting homework help

each must be 100 words or more  post one you must share where have you seen internal controlmeasures in your personal or professional life, and which of the fiveaspects of internal control they relate to: control environment, riskassessment, control activities, information and communication, andmonitoring.For your second post, create a short memo addressed to JimBorees staff listing and describing the five main aspects of internalcontrol. Address why internal control systems exist. What are theirprimary functions?respond and ask probing questions regarding their memo to Jim Borees staff describing internal controls for each of post below separately (post one) each must be 100 words or more To: Mr. Boree's StaffFrom: Business ManagerDate: October 21, 2016Subject: Internal ControlsAn internal control system is made up of five aspects that are important in the efficient running of the organization. They are the control environment, risk assessment process, information, and communication, control activities and finally monitoring.  In a control environment operations of the business are put in control e.g. by restricting individuals from committing offences. The risk assessment process involves the detection and prevention of misstatements before they happen by considering the expected risk, its effects, probability of occurrence, and the decisions taken towards the risk.  Information and communication control system is set to engineer towards understandings in audit engagements in the accounting systems and the outside entity. The use of IT systems has helped much in the communication and passage if information. Control activities are also set to ensure reliability of financial information and finally monitoring of internal control system in order to ensure effective running of the system. An example is a system that is put in place to obtain customers feedback in the organizations. respond and ask probing questions regarding their memo to Jim Borees staff describing internal controls for each of post below separately (post two) each must be 100 words or more To: Mr. Boree's StaffFrom: Business ManagerDate: October 21, 2016Subject: Internal ControlsThank you for taking the time to have interest in our internalcontrols. Every one of you contributes to upholding integrity, respect,dedication, and compassion that our customers need. So, we can continueto improve and excel in all of these areas, Iwould like to educate everyone on the importance of these internalcontrols and address the five main elements to have a strong foundationand guideline. Internal control is a procedure or policy put in place by management to safegaurd assets,promote accountability, increase efficiency, and stop fraudulentbehavior. No two systems of internal controls in different companies areidentical, but there are many core philosophies upholding financialintegrity and proper accounting practices. Lets take a look at the fiveinterrelated components of the internal control system:1. Control EnvironmentControl environment is a product of the management's philosophy,style and supportive attitude, as well as the competence, ethicalvalues, integrity, and morale of the organization's people. Theorganization's structure and accountability relationships are keyfactors in the control environment.2. Risk ManagementRisk assessment is the process of identifying, evaluating anddetermining how to manage events that threaten the accomplishment of acompanies objectives. Not all risks can be prevented. Management mustdecide whether to accept the risk, reduce the risk to acceptable levelsor avoid the risk all together.3. Control ActivitiesControl activities are tools in which the company uses to helpprevent or reduce the risks that can impede accomplishments of theorganization's objectives and mission. These tools can includedocumentation, authorization, supervision, safegaurding assets, and computer system controls like backup, passwords, and input-output controls.4. Information and CommunicationThis is the extraction and exchange of useful information betweenemployees and even customers, suppliers, and regulators. Informationshould be used to communicate between and among people to supportdecisions and coordinate activities within a company.5. MonitoringMonitoring is the review of an organizations activities andtransactions to assess the quality of performance over time and todetermine whether controls are effective. Monitoring is most effectivewhen all employees understand the organization's mission, objectives,and responsibilities and risk tolerance levels.The internal control systems helps an organization safeguard assets,operate efficiently, ensure proper financial reports, and is incompliance with laws and regulations while stopping fraudulent behavior.Lets all continue to support our internal controls by keeping our bestfoot forward and upholding the five main elements.Your supervisors are helpful tools if any questions, comments, orconcerns arise, otherwise, feel free to contact me via email ortelephone.Thank you.