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- Discussion Continued...
- And for you as an owner always remember the GAAPs, especially in this case, the business entity concept which states that accounting for a business must be kept separate from personal affairs of its owners. So, no personal assets on the business' balance sheet and vice versa as well as no actions taken that affect operating results on the business.
- Good question, for controlling these unethical mistakes in the business, using the internal controls of Accounting System Access Controls through electronic logs, and lockouts can help see who accessed what financial document in the system, which will allow management to find these discrepancies earlier and notifying the business who is harming their profits. For employees, it is better to separate duties of book-keeping, reporting, deposits, etc. which lowers the chance of these secret fraud activities to occur.
- Finally, A big thanks to you for all of the auditing work in giving valuable tips to my business. Thank you so much!
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