Jamaica Journey: An Entrepreneur's Internal Control Story

Author: (USA) Picket, Chen Hua, Jia Wenqin
Publisher:
Publish Date: 2003-09-01
Features: Bill Reynolds' company is in crisis—failed development projects, government audits, and even a police investigation. The company is criticized for lacking internal controls, and designing an internal control system is precisely Bill's job. The real trouble is that no one, even the CEO, can tell Bill what internal controls are. Worse yet, his doctor says that work pressure has endangered Bill's health and orders him to take a vacation. So, Bill flies to Jamaica for a week's vacation, unaware that with such important responsibilities, how can he truly relax himself.
Follow the extraordinary journey of the book's protagonist, and you will learn what internal controls are, why they are so important, and how the functions of different control models differ. Through Bill's heuristic experience, you will discover why internal controls are no longer a mysterious discipline that only a few experts in accounting can master, and you will also discover the huge impact controls have on your career. You will learn how to:
＠ Derive procedures to form control standards through risk analysis;
＠ Design, document, implement, and monitor operational standards;
＠ Develop measures to prevent, detect, and correct fraud;
＠ Resolve conflicts between control reporting standards and operational innovation;
＠ Implement improved internal controls and accountability.
You will also learn about the elements of the control framework and how these elements coordinate and function together. You will discover numerous policy recommendations related to the design, implementation, and inspection of internal controls. Finally, policy models on control, reporting forms, fraud, and ethics will help you develop policies for your own company.