BUS 215 PMI Establishment of Internal Controls to Protect Inventory Memorandum

I’m trying to study for my Accounting course and I need some help to understand this question.

It is very important for all businesses to take proper precautions to safeguard their assets; this includes both cash and inventory. In order to do this, the business must establish internal controls that will effectively reduce or eliminate theft and loss.

Prepare a professional business memorandum directed to the Chief Financial Officer (CFO) of either an actual company that sells inventory to the public, or choose a hypothetical company. Assume that you are writing to the CFO as the external auditor who has just conducted an audit.

  1. In the first paragraph, identify the company by name and explain what type of inventory is sold in this business. (5 points)
  2. In the following paragraphs, identify three (3) internal controls that can be established to protect inventory. These paragraphs must include identification of the internal control method to be used as well as the rationale for why this method is suggested. Be sure to address how the internal control methods should be implemented and how these three methods will safeguard inventory. (15 points)
  3. The memorandum should be formatted properly and written in a professional manner. It must be at least one page in length but no more than two pages. References must be cited if you use any external sources to support your suggestions in the memorandum. Points will be awarded for proper business memorandum format, spelling, grammar, punctuation and sentence structure. (5 points)

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