Article: Internal Control: A Preventive Maintenance Program
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Internal Control: A Preventive Maintenance Program
You read about this in every newspaper in every town in the entire country: Some bookkeeper, trusted by the owner of a small business, embezzles thousands of dollars. If the theft doesn?t put owner out of business, it certainly causes a major headache.
The reason we hear of these cases so often is that, in a small business, there may only be the owner and a bookkeeper. The owner doesn?t like doing the books, doesn?t understand them, and relies on this one person to take care of things. The bookkeeper, who is usually having personal financial difficulties, takes a small amount of money intending to pay it back. No one seems to notice, so more is taken. Over a period of time, it starts to mount up to a lot of money.
This is where the concept of ?internal control...
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