The lack of internal controls and compliance programs within each company is a big issue facing the accounting department of companies today. Management mechanisms and processes tend to be ignored or allowed to be fast-paced every day when too many companies are struggling to keep up with their rivals, economic times, and to grow their organizations internationally. On the other hand, the general practices for accounting teams are ignored, and it is difficult to find a single set of guidelines, particularly when it comes to global change. Internal monitoring plays an integral part in stopping and detecting fraud. Companies are expected to carry out an evaluation of the risk of deceit and to review the relevant controls. This typically includes defining circumstances in which failure or fraud may occur and assessing whether current management conventions successfully mitigate the risk to an applicable degree ( Raiborn et al, 2017) . The danger that senior management can circumvent essential financial controls to influence financial reporting is also a key area of emphasis in evaluating fraud risks.
To resolve this issue, accounting professionals need to retain the values, honesty, ethics, and principles of their profession and the organization(s) they work with, and most critically, their integrity. Generally, giving various individuals responsible for approving purchases, tracking transactions, retaining ownership of associated items and reconciling records allow for more efficient internal controls ( Chen et al, 2018) . Any employee should have simple, preferably written assignments. The reassignment of specific positions within the process to more appropriate people will significantly mitigate risks in some circumstances. The preservation of enough supporting records forms part of the framework for an effective internal control structure within the organization. The existence of completed arrangements, procedures and tests will not be proven without this. Appropriate monitoring would therefore simplify and improve research and address consumer, vendor and auditor inquiries. Controls should be analyzed and enhanced to make a company process more effective and efficient.
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References
Chen, H., & Soltes, E. (2018). Why compliance programs fail—and how to fix them. Harvard Business Review , 96 (2), 115-125.
Raiborn, C., Butler, J. B., Martin, K., & Pizzini, M. (2017). The internal audit function: A prerequisite for Good Governance. Journal of Corporate Accounting & Finance , 28 (2), 10-21.
