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Fixed assets acquisition internal control system

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Jacinda Tyrone is the accountant for Yadua Bakery Ltd. The Bakery has a number of fixed assets which include 3 vans they use for delivering bread, a car for general running around, ovens, computers and the building on the land they lease. The Bakery Manager: Jone has suggested to the owner: Anne that an additional van is required. Anne verbally approved the purchase and Jone instructed Jacinda to process the payment. Jacinda decides to buy the vehicle from Korean Motors as her husband, Salesh works there and he is able to get her a staff discount. The husband informs the Accountant at Korean Motors and she processes the invoice and sends it to Jacinda. Jacinda processes the cheque which she and Jone sign and send it toKorean Motors. The car is released by Korean Motors to Yadua Bakery Limited.

Identify five weaknesses of the fixed assets acquisition internal control system

Reference no: EM132548116

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