Define the concept of control

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You have been asked to consult with a small company that is growing at a rapid rate. The president shares the following with you: “I’m thrilled that my little idea for a toolchest has grown so big, but I’m afraid that the company is slipping out of my hands. I’ve had to hire a lot of people in a short period of time, and now there are whole teams that I don’t really know that well. I’ve also noticed some bad habits developing – pilferage, longer breaks, and sloppy accounting.”
What elements of organizational control would you recommend? Prepare a short presentation for the president and his senior people addressing the following:

Define the concept of control.
Identify the benefits to the company now and in the future.
Make 3 recommendations for control actions to take right now.
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Management controls are the organization, policies, and procedures used to reasonably ensure that (i) activities achieve their intended results; (ii) resources are used consistent with company’s mission; (iii) programs and resources are protected from waste, fraud, and mismanagement; (iv) laws and regulations are followed; and (v) reliable and timely information is obtained, maintained, reported and used for decision making.

source: http://www.whitehouse.gov/omb/circulars/a123/a123.html

Control refers to set of activities, processes and systems designed to ensure that organization is moving ahead as per the overall strategic plan and guidelines and is on its course to achieve its corporate goals and mission. Control procedures removes and mitigates the risks in an organization and helps to monitor the activities and progress of the organization on a regular basis.

The benefits of control to a fast growing …