Explain the role of internal controls in business and also explain how not having internal controls in place may impact the accurate analysis of any wrongdoing.

Based on what you have learned about internal controls, provide recommendations on what controls the business owner should put in place to prevent loss of inventory and ensure that any losses are reported immediately. Also, specify which parts of the financial statements are affected by
these losses.

Role of Internal Controls
Explain the role of internal controls in business and also explain how not having internal controls in place may impact the accurate analysis of any wrongdoing.
Recommendations

Recommend at least two internal controls that should be put in place to prevent inventory from going “missing,” nothing any assumptions
you are making about the root cause of the missing products and how your recommendation will help address them.

Recommend at least one control that should be put in place to alert the owner if something is actually missing.
Financial Statements

If you found that two $400 HD televisions were missing, explain which financial statements you would correct and how. Be specific as to
accounts and amounts