Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

my subject is auditing I need you to solve this question with 10lines , and with your own works without copying from websites and Chegg

my subject is auditing

I need you to solve this question with 10lines , and with your own works without copying from websites and Chegg itself also without plagiarism please , include thee-text book you will refer to also.

--------------------------

Case 3: The Art Appreciation Society operates a museum for the benefit and enjoyment of the community. During the hours the museum is open to the public, two clerks who are positioned at the entrance collect a five-dollar admission fee from each nonmember patron. Members of the Art Appreciation Society are permitted to enter free of charge upon presentation of their membership cards.

At the end of each day one of the clerks delivers the proceeds to the treasurer. The treasurer counts the cash in the presence of the clerk and places it in a safe. Each Friday afternoon the treasurer and one of the clerks deliver all cash held in the safe to the bank and receive an authenticated deposit slip, which provides the basis for the weekly entry in the cash receipts journal.

The board of directors of the Art Appreciation Society has identified a need to improve the internal control system over cash admission fees. The board has determined that the cost of installing turnstiles or sales booths or otherwise altering the physical layout of the museum would greatly exceed any benefits that might be derived. However, the board has agreed that the sale of admission tickets must be an integral part of its improvement efforts.

Samer has been asked by the board of directors of the Art Appreciation Society to review the internal control over cash admission fees and suggest improvements.

Required:

Indicate seven weaknesses in the existing internal control system over cash admission fees, which Samer should identify, and recommend one improvement for each of the weaknesses identified. (20 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What are some of your hobbies?

Answered: 1 week ago