O More info Reg1 Missing Internal Control Characteristic . d a Jade Applications has decided that one way to cut costs in the upcoming year is to fire the external auditor. The banesa belleves that the internal auditor should be able to efficiently the company's internal controls b. In an effort to minimize the amount of paperwork, Ross Homes has decided that will not keep copies of customer invoices related to sales even Ross believes that this odfort wil minimize the amount of data storage the company will have to pay for Ele Bee, a trusted employee for many years, has never taken a vacation. The owner believes that he's lucky that she is so committed to her job d. The Medicine Chest Company keeps a small petty cash fund to handle small cash transactions Because no one wants to volunteer to be the custodian, the business manager has decided that if enployees should have access to the petty canh She figures that as long as cach employee fill out a petty cash ticket then there are proper controls in place . Due to the cost of maintaining the security cameras Wings and More has decided that it will remove the cameras that monitor the cash register 1. Bryan Miller, manager of Hardware Emporium, prides himself on hing exceptionally skilled employees who need no training to do the jobs Print Done Click the icon to view the possibile problems) (Click the icon to view the possible solutions) 2. Identify the po 3. Proposal Reference Reg. 1 Missing internal Control Characteristic Reg 2 Possible Problem (1) Loss of revenue due to low quality work (2) Lost sales due to delay of product development (3) Theft of cash (4) Theft of cash and intelliciency (5) Theft of cash and inefficiency, lack of support for financial statement ansactions (6) Urolable nancial statements and lost credibly Print Done 2. Idently the posible proble Conto (ctheiton to view the possibile problem Olck then to view the possolutions) 3. Proposetion to each Reg. Meningen Control Character Res 2 Possible Problem Rece Solution (A) Assign company accounts to redesign the accounting system (8) Assign one employee to manage the office in the outs abc (C) Every organization is different so some training is lyured for all employees (0) Have an audit to reduce the risk of false frana statements (5) If the cost outweighs the benefit have control over acons 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 IG) One person should be responsible for the petty cash tund (H) Require all employees to take vacation Several people should be responsible for the petty cash and Print Done O More info Reg1 Missing Internal Control Characteristic . d a Jade Applications has decided that one way to cut costs in the upcoming year is to fire the external auditor. The banesa belleves that the internal auditor should be able to efficiently the company's internal controls b. In an effort to minimize the amount of paperwork, Ross Homes has decided that will not keep copies of customer invoices related to sales even Ross believes that this odfort wil minimize the amount of data storage the company will have to pay for Ele Bee, a trusted employee for many years, has never taken a vacation. The owner believes that he's lucky that she is so committed to her job d. The Medicine Chest Company keeps a small petty cash fund to handle small cash transactions Because no one wants to volunteer to be the custodian, the business manager has decided that if enployees should have access to the petty canh She figures that as long as cach employee fill out a petty cash ticket then there are proper controls in place . Due to the cost of maintaining the security cameras Wings and More has decided that it will remove the cameras that monitor the cash register 1. Bryan Miller, manager of Hardware Emporium, prides himself on hing exceptionally skilled employees who need no training to do the jobs Print Done Click the icon to view the possibile problems) (Click the icon to view the possible solutions) 2. Identify the po 3. Proposal Reference Reg. 1 Missing internal Control Characteristic Reg 2 Possible Problem (1) Loss of revenue due to low quality work (2) Lost sales due to delay of product development (3) Theft of cash (4) Theft of cash and intelliciency (5) Theft of cash and inefficiency, lack of support for financial statement ansactions (6) Urolable nancial statements and lost credibly Print Done 2. Idently the posible proble Conto (ctheiton to view the possibile problem Olck then to view the possolutions) 3. Proposetion to each Reg. Meningen Control Character Res 2 Possible Problem Rece Solution (A) Assign company accounts to redesign the accounting system (8) Assign one employee to manage the office in the outs abc (C) Every organization is different so some training is lyured for all employees (0) Have an audit to reduce the risk of false frana statements (5) If the cost outweighs the benefit have control over acons 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 IG) One person should be responsible for the petty cash tund (H) Require all employees to take vacation Several people should be responsible for the petty cash and Print Done