If LBJ family decides to go public, than you have to set tally register your company with the SEC. It also whitethorn be better to refine the tax inwrought control team to more than educated employees who know the public sector. In terms of this it may be best that you began to segregate the duties of your employees.
In terms of internal control, the only thing right that I can unwrap that LBJ is doing correctly is safeguarding the checks when the day is over. Also, the pre numbered checks is great because the checks will be in order which will stick out you to allocate for any miss checks. I think it is a good idea to ornament in the indelible ink machine because it will allow the company to assist in reconciling and controlling items that may have been used or not. This will allow you to keep company the documentation procedures of the internal controls.
thither are many things this company is doing wrong. For unrivaled, you need to segregate your employees. There should be more than one accountant and each one should have its primary focus.
There should be someone who orders the supplies and someone to approve of the order. This will help oneself control and monitor that nothing is being order off of the company expenses. Each employee to have their duties established to the T. Also, you need to ladder on the physical control of your assets; checks should not be remaining out for pick up. This should be better monitored and should be locked up and only go into by one employee to distribute them as needed. Giving all employees access to the petty cash wind does not allow proper monitor of cash.
Sincerely
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