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Gayton Menswear (Risk Assessment and Control Procedures) The Gayton Menswear company was founded by Fred Williams in 1986 and has grown steadily over the years. Fred now has 17 stores located throughout the central and northern parts of the state. Since Fred was an accounting major in college and worked for a large regional CPA firm for 13 years prior to opening his first store, he places a lot of value on internal controls. Further, he has always insisted on a state-of-the art accounting system that connects all of his stores' financial transactions and reports. Fred employs two internal auditors who monitor internal controls and also seek ways to improve operational effectiveness. As part of the monitoring process, the internal auditors take turns conducting periodic reviews of the accounting records. For instance, the company takes a physical inventory at all stores once each year, and an internal auditor oversees the process. Chris Domangue, the most senior internal auditor, just completed a review of the accounting records and discovered several items of concern.
Requirements
Question 1. For each of these concerns, identify a risk that may have created the problem.
Question 2. Recommend an internal control procedure to prevent the problem in the future.
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