Define and describe “Internal Controls.” Tell why an effective internal control system is necessary and what it is expected to accomplish. Provide the names of three distinct organizations in which you, personally, have observed internal controls and give at least one example of an internal control for each organization.

Accounting

Write an essay in which you provide the descriptions and examples outlined below. Your essay should be 2-3 pages in length. You are not required to follow any strict professional writing format, but you must use complete sentences, proper punctuation, and cite the work of others used in your work. You must submit your essay via the appropriate Assignments Folder in D2L.

Part 1 – Internal Control

Define and describe “Internal Controls.” Tell why an effective internal control system is necessary and what it is expected to accomplish. Provide the names of three distinct organizations in which you, personally, have observed internal controls and give at least one example of an internal control for each organization. Discuss whether, or not, you believe each internal control is effective and why. If one of your example controls is weak or ineffective, how could the organization improve it? Include your thoughts about the importance of every employee’s contribution to the control environment.

Part 2 – Ethics and Fraud

Define and describe “Ethics.” Define “Fraud.” Describe the fraud triangle and tell how it is related to internal controls, ethics, and fraud. Tell why you think high ethical standards are important in the business environment. Tell why the same ethical standards are important for KSU. What kinds of fraud might occur at KSU? Include your thoughts about the importance of every student’s contribution to the ethical environment at KSU.

Part 3 – Ethics and Cheating

Review the class syllabus statements concerning Academic Integrity and relate them to the university’s internal control system. Tell whether you think cheating and other acts of academic dishonesty in your academic environment impact the value of your education and the value of your college degree. Explain how KSU’s Academic Integrity Policies protect the university. Explain how these policies protect students. Include your thoughts about the importance of your role and the role of your instructor in maintaining the university’s control environment. State whether, or not, you think a student who commits acts of academic dishonesty during college could be a trustworthy business partner in the future. Explain.