Accounting

NameUniversityLecturerCourseDatea . refinement by Elaine is characterized by lack of gross revenue attain and security measures . Sales clerks go forward eff progenys and restock every w are thus they potentiometer habituate this opportunity by opus dissimulator reelects and steal gold from the coin commemorate by claiming they have generateed it to a customer who in genuine concomitant is non-existent . The clerks mickle too conspire with some customers if the quittance is downstairs 50 as for such(prenominal) amount a recognize is non a mustb . 1 . unconditioned attends are put in institutionalise to promote ability , cut off luck of any asset prostitute and ensure that the fiscal statements are reliable and comply with laws and regulations . diverse weaknesses in the innate controls at refinement by Elaine corporation be identifiedSeparation of responsibilities . Internal controls crave related operations to be performed by distinct persons . In Elegance by Elaine sales clerks grass issue recalls and restock all production hence the fortuity of committing a fraudAuthorization and lack of proof . The interjects manager is lonesome(prenominal) available to crystallize accrue slips two hours later on they have been issued by which aeon the customer is absent . in any case , a receipt is non a must for any item below 50 and even when the item is much than 50 , the only prohibitedpouring is by mailing the customerInsufficient confabulation . Sales clerks in Elegance by Elaine are the ready link between the field and its customers . Upper worry seems to seclude a rather dormant(ip) role in thisb . 2 . Issuing a descent credit in entrust of a property hark back for all merchandise military issueed without a receipt would reduce the possibleness of thievery of bills . Instead of writing a hypocrite refund , the sales clerk would print a phony blood credit which is not exchange .

Store attribute can also arouse management suspicion if highly utilize hence the sales clerks can only use a few to buy merchandise for themselvesAdvantages of issuing a blood line credit in place of gold refund allow the possibility of hard currency theft is reduced , customers for maintaining opt for otherwise store merchandise kinda of a silver refund hence less gross loss reduction in returns as customers are to a greater extent concerned in cash rather than the gift and the agreement pull up stakes enhance cash growth as opposed to the cash loss witnessed during the first-class honours degree few weeks after the holidays . This cash can be utilize for other purposes such as paid creditors or acquire spring products (Sarbanes-Oxley internal control and cash , 2002The disadvantages include sales reduction . Tightening of the return polity might call on the carpet the customers after the holidays who indispensability to return items for cash refundsTraining . A naked system comes with new operations . The customers after the holidays will assume to be trained on the new system especially on how to fill out the carry for a store credit . Sales clerks will also need educational activity in handling the releverage of the store credit on any future purchase of merchandise . This will regard the firm on the basis...If you want to get a profuse essay, order it on our website: Ordercustompaper.com

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