Problem Analysis

In: Business and Management

Submitted By cheen
Words 764
Pages 4

In a typical organization, several problems arise; most of these come from different situations. Three of the broad categories that give rise to this situation are the policies, procedures and people. Among the accounts associated with these are the cash, accounts receivable and the inventory.
Cash for example is a highly liquid asset which also has a high inherent risk. Certain circumstance pose to cash count that does not match or tally with the recorded cash and cash receipts. These usually happen because of an insufficient policy regarding cash transactions. Several organization also bypass the need for segregation of duties, because of these the account balances in return, are compromised. Authorization, custody and recording usually lies with just one person giving rise to situations that magnify risk. There are also organizations with decentralized handling of cash wherein several people has custody over it, this gives rise to confusion as to what really is the cash balance, and sometimes the people handling cash is unaware of how much they actually have on hand, because of this the reliability of cash count may no longer be depended upon given the fact that the people handling it may also give unreliable responses as to how much they have. Unqualified person sometimes are given the authority and custody over cash. Unqualified person may include but is not limited to persons who lack integrity and those who do not have the commitment to perform their duties. Members who usually lack integrity are those who purposely misstate accounting record whenever they get a chance to do so; others do these in order to cover up for cash shortage or overage during the course of cash counts. Inventory, like cash, are also subject to different constraints; inventory loss and shrinkage are some of the common problems encountered by an organization.…...

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