Answered step by step
Verified Expert Solution
Question
1 Approved Answer
After assessing the internal controls of Lexington Country Day, I found the following weaknesses in its internal controls. The school had few employees in its
After assessing the internal controls of Lexington Country Day, I found the following weaknesses in its internal controls. The school had few employees in its accounting departments, did not have a qualified controller, did not have a compulsory vacation for its employees, and financial review was conducted by the controller, who did not have a degree in accounting. Therefore, the school should hire a qualified controller with adequate knowledge of financial accounting and hire more employees to ensure segregation of duties. In addition, it should assign its financial reports to a third party for review and make it compulsory for its employees to have a vacation to reduce stress and mitigate internal control risks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started