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Glorias Fabrics is a large fabric provider to the general public. The accounting office has three employees: accounts receivable clerk, accounts payable clerk, and a

Glorias Fabrics is a large fabric provider to the general public. The accounting office has three employees: accounts receivable clerk, accounts payable clerk, and a bookkeeper who manages the accounting function in the company. The accounts receivable clerk creates the sales invoices and records the cash receipts. The accounts payable clerk creates and pays purchase offers. The bookkeeper manages the accounting function, supervises all accounting office employees, and reconciles the checking account. Review the separation of duties for each employee: the accounts receivable clerk, the accounts payable clerk, and the bookkeeper. Identify the accounts and describe the transactions that would be recorded by that assigned job. Evaluate the internal control and the potential for fraud at Glorias Fabrics. How would you restructure the job responsibilities of each employee in order to strengthen the internal control of the firm?

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