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Internal Control Procedures: As an auditor, you have discovered the following problems with the accounting system control procedures of Jim's Supply Store. For each of the following occurrences, tell which of the control procedures was lacking. Also, recommend how the company should change its procedures to avoid the problem in the future. A. Jim's Supply Store's losses due to bad debts have increased dramatically over the past year. In an effort to increase sales, the managers of certain stores have allowed large credit sales to occur without review or approval. B. An accountant hid his theft of $200 from the company's bank account by charging the monthly reconciliation. He knew the manipulation would not be discovered. C. Mark Peterson works in the storeroom. He maintains the inventory records, counts the inventory, and has unlimited access to the storeroom. He occasionally steals items from inventory and hides the theft by including the value of the stolen goods in his inventory count. D. Receiving reports are sometimes filled out days after the shipment has arrived.
Control Problems in Charities 1. Door to door collections : Volunteers should be mattered along with numbered boxes, the boxes should be sealed, and the boxes should be
The Department of Higher Education (DoHE) in the Ministry of Education awarded a contract for support of 60 computers to My IT Co. Ltd. and the contract conditions required the del
a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?
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