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Acct504 Essay

439 words - 2 pages

Case Study 2
Situation a. In evaluating the internal control over cash payments of Yankee Manufacturing, an auditor learns that the purchasing agent is responsible for purchasing diamonds for use in the company’s manufacturing process, approving the invoices for payment, and signing the checks. No supervisor reviews the purchasing agent’s work.
1) Missing internal control characteristic: Segregation of duties
2) Possible problem: The employee who is approving invoices and signing the checks should not be allowed to purchase the diamonds. There may be possibility of doing fraud by stealing diamonds or cash.
3) Solution to the problem: Keep a supervisor to approve the purchasing order and another ...view middle of the document...

Williams learns that when she is away, two of her senior architects take over office management and neglect their normal duties. One employee could manage the office.
1) Missing internal control characteristic: Supervision control
2) Possible problem: The problem arises in the absence of an appointed interim supervisor. When Rachel is out the senior managers are taking it upon themselves to manage, this appears to be causing performance issues at the architectural firm.
3) Solution to the problem: Rachel should appoint a senior architect as an interim-supervisor when she is out. This supervisor will be in charge of supervising architectural drawings.
Situation c. Mike Dolan has been an employee of the City of Southport for many years. Because the city is small, Dolan performs all accounting duties, in addition to opening the mail, preparing the bank deposit, and preparing the bank reconciliation.
1) Missing internal control characteristic: Segregation of duties
2) Possible problem: At all times, accountants must not handle cash and cash handlers must not have access to the accounting records. If one employee has both cash handling an accounting duties, then there is a possibility of stealing cash and conceal the theft.
3) Solution to the problem: There should be separation of duties. Companies have to hire separate persons to do all these functions. By getting the owner involvement, usually by approving all large transactions, making bank deposits or reconciling the accounts can help to prevent the fraud.

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