Accounts Ia

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Topic Internal Controls Title An analysis of the Internal Controls used in the Finance department at COLFIRE. Research Questions 1. How are internal controls used at COLFIRE? 2. How does COLFIRE use internal control to operate their operations? 3. What are the major internal controls principles used at COLFIRE? Organization COLFIRE. (Colonial Fire and General Insurance Company Limited.) ACKNOWLEDGEMENT I would like to thank my teacher Mr. N. Cooper for giving me the necessary information to assist me in the formation of this internal assessment. Also my external teachers, Mr. Lawrence for giving me the encouragement I needed. Most of all, I would like to thank the secretary and the other employees of the finance department for…show more content…
These sources gave a comprehensive view on the research topic as well as assisted in structuring an analysis of the primary data. Both quantitative and qualitative information was gathered and analyzed allowing for objectivity and reliability as well as the perspective of target audience to be understood. A questionnaire was drafted comprising of twenty-one (21) questions which was to be answered by twenty (20) persons to get each ones opinions and observations on the effectiveness of internal control principles surrounding their work place. So too, by testing the effect internal controls had on the company’ department, a record review was to be done. Basically, the tool was mainly questionnaires which were both written by nine-teen (19) employees, and one additional person to have at my disposal for the purpose of a recording material-audio recorded, (face to face.) A potential limitation of the data is that the questionnaires were based on self views of what the finance department may be to them and thus may contain inconsistencies or exaggerating the errors. Despite the limitations, my findings can still aid in expanding the understanding of proper/improper uses of Internal Controls. PRESENTATION & ANALYSIS OF DATA CASH COLLECTION 1st step - The CSR (Customer Service Representative) they do receipts on the computer and the end of day and collects cash at first from persons in the form of premiums. 2nd step - The treasury team member tally all receipts collected

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