Auditing cash intensive business

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Reference no: EM131219396

A significant challenge to any auditor is that of auditing a cash intensive business such as a bar or a car wash.

Identify a specific business type that would historically receive a significant amount of cash in its normal operating schema. Using this business, discuss and share your thoughts about the obvious weak areas in controls, either by weak design or intentional actions of a company stakeholder that may be subject to fraud or malfeasance. Who would be likely to commit the fraud and what controls you would put into effect to eliminate the possibility of future fraudulent actions?

Reference no: EM131219396

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