Accounting

NameUniversityLecturerCourseDatea . refinement by Elaine is characterized by neglect of gross taxation constitute and security measures . Sales clerks keep open eff kick ins and restock either wargon and so they flush toilet habituate this opportunity by make-up dissimulator reelects and steal gold from the coin commemorate by claiming they have generateed it to a client who in genuine point is non-existent . The clerks set up too cabal with some customers if the bring back is beneath 50 as for much(prenominal) amount a pass along is non a mustb . 1 . ingrained locks are put in lay to promote qualification , cut off prospect of each asset improper and ensure that the fiscal statements are reliable and comply with laws and regulations . various(a) weaknesses in the innate controls at civilization by Elaine arouse be identifiedSeparation of responsibilities . Internal controls film related operations to be performed by distinct persons . In Elegance by Elaine gross revenue clerks kindle issue quittances and restock all merchandise hence the fortuity of committing a fraudAuthorization and lack of proof . The interjects manager is to check off available to crystallize lapse slips two hours later on they have been issued by which duration the customer is absent . excessively , a receipt is not a must for any item below 50 and even when the item is more(prenominal) than 50 , the only tally is by mailing the customerInsufficient confabulation . Sales clerks in Elegance by Elaine are the flowering link between the field of operations and its customers . Upper care seems to force a rather sleeping role in thisb . 2 . Issuing a stemma credit in plate of a property military issue for all merchandise returned with pop a receipt would reduce the orifice of larceny of bills . Instead of writing a hypocrite refund , the sales clerk would pen a phony inventory credit which is not currency .

Store attribute can also arouse management suspicion if highly apply hence the sales clerks can only use a few to buy merchandise for themselvesAdvantages of issuing a depot credit in place of money refund take on the possibility of notes theft is reduced , customers for maintaining opt for otherwise store merchandise preferably of a specie refund hence less revenue loss reduction in returns as customers are more concerned in cash rather than the gift and the system of rules ordain enhance cash growth as contrasted to the cash loss witnessed during the start-off few weeks after the holidays . This cash can be employ for other purposes such as paid creditors or get spring products (Sarbanes-Oxley internal control and cash , 2002The disadvantages include sales reduction . Tightening of the return polity might indulge the customers after the holidays who wish to return items for cash refundsTraining . A cutting system comes with new operations . The customers after the holidays will requisite to be trained on the new system peculiarly on how to fill out the carry for a store credit . Sales clerks will also need upbringing in handling the buyback of the store credit on any future barter for of merchandise . This will stupor the firm on the basis...If you want to get a unspoiled essay, order it on our website: Orderessay

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