Question
Identify and describe the internal control weaknesses in this situation The manager of the Classy Cocktails Bar is responsible for purchasing bar stock, authorising bar
Identify and describe the internal control weaknesses in this situation
The manager of the Classy Cocktails Bar is responsible for purchasing bar stock, authorising bar purchase invoices for payment, banking daily cash takings and overseeing periodic counts of the bar inventory. The manager has a manual system for raising and recording invoices and receipts, and the manager is the only staff member who inputs the manual records into the bar’s accounting system.
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There are several internal control weaknesses in this situation 1 Lack of segregation of duties The ...Get Instant Access to Expert-Tailored Solutions
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Introduction to Financial Accounting
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
11th edition
978-0133251111, 013325111X, 0133251039, 978-0133251036
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