Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Identify the missing internal control procedure in the following situations: a. In the course of auditing the records of a company, you find that the
Identify the missing internal control procedure in the following situations: a. In the course of auditing the records of a company, you find that the same employee orders merchandse and approves irwoices for payment. b. Business is slow at Vogue Theatre on Tuesday, Wednesday, and Thursday nights. To reduce expenses, the owner decides not to use a boket-taker on those nights. The ticket seller (cashier) is toild to keep the bickets as a record of the number sold. c. The same trusted employee has served as cashier for 10 years d. When business is brisk. Hastes Convenience Store deposits cash in the bank several times during the day. The managor at the corvenience slore wants to reduce the time employees spend delivering cash to the bank, so he starts a new policy. Cash wil buld up over weokends, and the total wil be deposited on Monday e. Grocery stores such as No Frills purchase latge quanties of their merchandise fecm a few suppliers. At one grocery store, the manager decides to reduce paperwork. He eliminates the requirement that a receiving department employee prepare a receiving report, which lists the quantties of thems recelved from the supplier. t. The treasurer of the Beta Soccer Association was eloctod for a thind term to manage ali the financial attais of the club. The prosident and secretary have signing authonty, so sound intemal controls are in place. 9. A pancako breakfast is heid every vear to raise funds (0 erer $10,000) for charity. The orpanizor's 15 -year-old daughter is hired to sell tickets and hande the fundt collected For each situation, identfy the missirg internal control procedure in the left column. If you have chosen "other controls," specify the reason a control is needed in the right column, if a bex is not used in the table, leave the box empty: do not select a label or enter a xero.)
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