Research On Internal Control Of Monetary Funds Of Z Company

In recent years,the market competitions have become much fiercer,the company’s financial fraud incidents have occurred repeatedly.Meanwhile,financial fraud such as Kangmei Pharmaceutical,Good Future Education,and Luckin Coffee has shocked the whole country.These companies create the illusion of profitability through illegal mean without being discovered in time.It indicates that there are certain defects in the internal control of enterprises,which also prompts all sectors of society to pay more and more attention to.As the most liquid asset,monetary funds bear the greatest control risk.Therefore,for enterprise managers,the effective operation of internal control of corporate monetary funds can effectively enhance the operating ability of enterprises.Taking Company Z as the research object,this paper introduces the relevant concepts and theoretical basis of Company Z’s research on the internal control of money and funds based on extensive reading and combing of domestic and foreign literature.The basic overview of Company Z and the current situation of internal control of monetary funds were collected and sorted out through field visits.Based on the theory of quantification,the theory of entrustment and agency,the risk management framework of COSO and other related theories,through interview survey,combined with fuzzy comprehensive analysis method,taking the five elements of COSO internal control as the starting point,evaluate the current situation of Z company’s internal control of monetary capital.Combined with in-depth interview,the problems and causes of the internal control of company currency and funds in the control environment,risk assessment,control activities,information and communication,and supervision are checked one by one.Through research and analysis,it was found that Z Company’s internal control of monetary funds was not perfect in the position setting of the finance department,the responsibilities and authorities did not match,the professional quality of the financial personnel was insufficient and the lack of business training;there was no clear classification of capital risk matters,and the risk response plan was single;the rotation system was not implemented,the bill and seal control was not controlled,the online banking U shield was improperly used,the monetary fund budget system was not established,and the salary distribution and appraisal methods were unreasonable;the fund communication efficiency was low,the anti-fraud mechanism was not clear;the supervision was formal,defects found not rectified in time and so on.The main reasons for the analysis are that the company’s internal control environment is sound,the risk assessment mechanism is not perfect,the control activities are not strictly implemented,the information and communication are poor,and the effective supervision mechanism is lacking.Therefore,Company Z must combine the internal and external environment,from scientific setting of financial positions,strengthen the training of financial personnel;clarify the classification of risk matters,improve risk response measures;strictly implement the rotation system,strengthen the management of bills,seals and online banking U shield,establish a budget management system and implement it in place,formulate the remuneration and incentive plan for financial personnel;establish a capital information sharing platform,introduce an office platform,improve the anti-fraud mechanism;establish a regulatory department,and rectify defects promptly.Construct an internal control system for monetary funds that can adapt to changes,to improve and enhance the overall level of internal control of monetary funds of Company Z.