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RISK ASSESSMENT
Is another component of internal control.
Identification and analysis of risks that can impede the achievement of organizational goals.
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FIGURE
In order to develop appropriate internal control activities that will not waste an organization's resources, its important to identify risks within an organization's activities.
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PANDA RISKS COMPUTER
We have identified a few risks in Panda's operations:
- Breach, failure or Panda's integrated computer system.
- Also, errors or inappropriate data inputted into the system.
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PANDA RISKS THEFT
- Employees who give away free orange chicken or steal from the register.
- Hold ups.
- Misstating inventory count.
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PANDA RISKS STAFF
- Poor staffing is a risk an organization must consider.
- Even with the best computer systems, if your staff can't get it to work properly, it's practically useless.
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PANDA RISKS SAFETY
Internal controls must address compliance with laws and regulations. Food safety is a risk of utmost concern to Panda.
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CONCLUSION
Panda has certainly identified these risks. Jen will make this evident as she presents their Control Activities.
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