Acc/ 544 Internal Accountant Brief

Internal controller Brief Candace Schneider ACC/544 April 15, 2013 Christine Errico Internal Accountant Brief When a origin is experiencing an out-of-control accounting system the business big businessman consider hiring an national controller to dish out assuage the problem. Before a fellowship decides to hire this guinea pig of control the companionship should look at the array of go this kind of accountant can issue to the partnership. work of Internal Accountants An knowledgeable accountant can provide array of services to a business. One service an infixed accountant can provide to a social club is put to deathing an internal audit on the business.Some of the audits an internal accountant can perform are compliance audits, available audits, or m unmatchednesstary statement audits. Compliance Audit If a caller-out hires an internal accountant for a compliance audit the accountant determines if the callers internal controls and accounting is in compliance w ith company policies as rise up as laws and regulation. If the accountant finds that internal controls or the accounting study is not in compliance the accountant must determine the cause of the non-compliance as well as recommend ways the company can maintain future deviations (Cytraus, 2013, para. ). usable Audit If a company hires an internal accountant for an operational audit the accountant measures the effectiveness and results of certain business procedures at bottom the business (Farlex, 2013, para. 1). This type of audit is unlike the compliance audit because this type of audit challenges assumptions and goals of procedures by moving toward improving efficiency within the business (Farlex, 2013, para. 1). Financial Statement Audit If a company hires an internal accountant for a monetary statement audit the ccountant determines if the preparation and reporting of financial statements by the company follows General Accepted Accounting Principles. Other work Other servi ces an internal accountant can provide to a business are examining a companys operations, investigating fraud, examining financial reporting, safeguarding assets, checking for mismanagement of funds, and examining compliance of the laws and regulations set for the company. The employment of internal auditors helps to improve a companys internal controls.Effective working internal controls detect and bar fraud, which internal auditors test to see if the controls are run appropriately. If the company fluent decides to hire an internal accountant, the company will benefit from this decision in many ways. Benefits of Hiring an Internal Accountant Many benefits inhabit for a company when the company hires an internal accountant. Some of these benefits include saving cash over time, protecting assets, improving performance, and ensuring accuracy of financial statements. Saving Money An internal accountant can help a business save bills over time.This is because the service an inter nal accountant provides saves the business from potential jural or financial issues. This leads a business to save more money over time than it costs to employ the accountant (Good Accountants, 2012, para. 2). Protection of Assets each year businesses lose billions of dollars because of employee theft. An internal accountant can help alleviate this problem by installing a system of internal controls into the business. The accountant can also monitor the system to ensure no opportunities exist in the system that might tempt an employee to steal from the company (Good Accountants, 2012, para. ). along with installing and monitoring the system an internal accountant can perform random checks on the system to ensure that the internal controls are functioning appropriately. Improving Performance An internal accountant can improve a companys performance by increasing the companys value when the accountant critically analyzes the companys efficiency. An accountant does this by performing an operational audit of the company. This type of audit can help determine whether the company markets its products and services effectively at competitive grade as well as if the company is meeting its short and semipermanent financial goals.Ensuring Accuracy of Financial Statements Auditing financial statements by a manifest Public Accountant (CPA) can offer value to a company. These audits puts a companys investors at ease in knowing the companys books are accurate as well as the information in the financial statements are accurate. These audits can lead lenders to view ones company as more reputable, which can lead to lower interest rates for the company when borrowing (Good Accountants, 2012, para. 5). After a company determines the subscribe for an internal accountant the company must find the undecomposed internal accountant for the job.Recommendation One recommends hiring an individual who is a CPA with several(prenominal) years of experience in this field of accounting . This is because the individual will need to have the experience to correct the companys out-of-control system as well as provide additional services the company whitethorn need. These services will help the company make informed decisions for the company to exceed and be profitable. One individual in mind to wreak the problem of ones out-of-control system is John Tongren. This is because Tongren has experience in this field of accounting and auditing.Tongren specializes in management control process and the move of technology on their effectiveness (Tongren, n. d. , para. 1). He also has international information for his expertise in the audit and control aspects of information systems (Tongren, n. d. , para. 1). By one hiring this individual one will know that this individual will lap the problem right as well as inform the company on how to keep the business functioning effectively and efficiently for the company to exceed and be profitable. References Cytraus, A. (2013). Co mpliance Auditing.Retrieved from http//www. referencefor business. com/encyclopedia/Clo-Con/Compliance-Auditing. html Farlex. (2013). Operational Audit. Retrieved from http//financial-dictionary. thefreedictionary. com/operational+audit Good Accountants. (2012). Benefits of Hiring an Accountant for Internal Audits. Retrieved from http//www. goodaccountants. com/blog/2012/11/benefits-of-hiring-an accountant-for-internal-audits/ Tongren, J. D. (n. d. ). Operational Auditing Adding Value to Organizations Digital Seminar. Mission Viejo, CA Pleier Corporation.