Eht 1 Rat Ch ha ca They ht ca www 1 L Georgia Hatte I had hende bent How to Thawad Thu Wood Each of the following situations has an internal control weakness. Click the icon to view the situations.) (Click the icon to view the possible problems.) (Click the icon to view the possible solutions) Req. 3 Req. 1 Missing Internal Control Characteristic Req. 2 Possible Problem (6) Solution a Audits b. C. e. 3. Propose a solution to each internal control problem - X More info a. Jade Applications has decided that one way to cut costs in the upcoming year is to fire the external audit The business believes that the internal editor should be able to office monitor the company's Internal controls b. han affort to minimize the amount of paperwork, Ross Homes has decided that it will not keep coples of customer invoices related to sales revenut Ross believes that this effort will mine the amount of data storage the company will have to pay for Ele B, a trusted employee for many years, has never taken a vacation. The owner believes that he's lucky that she is so committed to herb The Medicine Chest Company sa mal petty cash and to handle small cash transactions Because no one wants to volunteer to be the custodia the business manage has decided that allmployees should have access to the petty cash. She figures that as long as each loyees of a pellycashielthen there are proper controls in place Due to the cost of maintaining the security camera Wings and More has decided that it will remove the cameras that monitor the cash Bryan Mier manager of Hardware Emporium, prison hiring exceptionally employees who need to training to do the jobs Print Done E 4 > ortsc 3. Propose a solution to each Internal control problem Reference - X (1) Loss of revenue due to low quality work (2) Lost sales de to delay of product development (3) Theft of cash (4) Thelt of cash and inellicency 15) Theft of cash and inefficiency, lack of support for financial statement transactions (6) Urretable financial statements and los credibility Print Done I in Reference - X (A) Assign company accoutants to redesign the accounting system (B) Assign one employee to manage the office in the owner's absence (c) Every organization is different, so some training is toally required for al employees (D) Have an audit to reduce the risk of false financial statements (E) If the cost outweighs the benefit have control over access to the cash register and separation of duties in regards to counting the cash (F) Keep copies of the customer invoices and look into using electronic copies (G) One person should be responsible for the petty cash fund (H) Require allemployees to take vacations Several people should be responsible for the petty cash find Print Done + Eht 1 Rat Ch ha ca They ht ca www 1 L Georgia Hatte I had hende bent How to Thawad Thu Wood Each of the following situations has an internal control weakness. Click the icon to view the situations.) (Click the icon to view the possible problems.) (Click the icon to view the possible solutions) Req. 3 Req. 1 Missing Internal Control Characteristic Req. 2 Possible Problem (6) Solution a Audits b. C. e. 3. Propose a solution to each internal control problem - X More info a. Jade Applications has decided that one way to cut costs in the upcoming year is to fire the external audit The business believes that the internal editor should be able to office monitor the company's Internal controls b. han affort to minimize the amount of paperwork, Ross Homes has decided that it will not keep coples of customer invoices related to sales revenut Ross believes that this effort will mine the amount of data storage the company will have to pay for Ele B, a trusted employee for many years, has never taken a vacation. The owner believes that he's lucky that she is so committed to herb The Medicine Chest Company sa mal petty cash and to handle small cash transactions Because no one wants to volunteer to be the custodia the business manage has decided that allmployees should have access to the petty cash. She figures that as long as each loyees of a pellycashielthen there are proper controls in place Due to the cost of maintaining the security camera Wings and More has decided that it will remove the cameras that monitor the cash Bryan Mier manager of Hardware Emporium, prison hiring exceptionally employees who need to training to do the jobs Print Done E 4 > ortsc 3. Propose a solution to each Internal control problem Reference - X (1) Loss of revenue due to low quality work (2) Lost sales de to delay of product development (3) Theft of cash (4) Thelt of cash and inellicency 15) Theft of cash and inefficiency, lack of support for financial statement transactions (6) Urretable financial statements and los credibility Print Done I in Reference - X (A) Assign company accoutants to redesign the accounting system (B) Assign one employee to manage the office in the owner's absence (c) Every organization is different, so some training is toally required for al employees (D) Have an audit to reduce the risk of false financial statements (E) If the cost outweighs the benefit have control over access to the cash register and separation of duties in regards to counting the cash (F) Keep copies of the customer invoices and look into using electronic copies (G) One person should be responsible for the petty cash fund (H) Require allemployees to take vacations Several people should be responsible for the petty cash find Print Done +