Internal control implementation is an important part of manager\'s role and resp

Question

Internal control implementation is an important part of manager's role and responsibility. Garrison, et al. state that "internal control is a process designed to provide reasonable assurance that objectives are being achieved." Explain this concept using the following scenario:
REQUIRED: [15 minutes]
[A] Jonathan & Pamela Reedus are the owners of a retail clothing store. They have 25 employees who work in administration and sales. List some internal risks that could hinder the business from experiencing profitability, the Reeduses' ultimate objective?
[B] Recommend some internal controls that, if implemented, should reduce these risks. Be thorough and specific.

Explanation / Answer

A) internal risks are : internal risk arises due to various factors like: 1) human factors 2) physical factors 3) technical factors these factors make internal risk b) Risk management should be there to controll thgese factors . Efficient management is needed

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