Reference no: EM13918616
Each of the following situations reveals an internal control weakness:
Situation a: In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services, counts the inventory when received at the dock, records the receipts into the inventory ledger, and takes the annual inventory, No supervisor reviews the receiving clerk's work.
Situation b. Nicole Lopez handles employee travel and expense reports for Scott Sales Services. With the growth in the economy, the sales team began traveling extensively gaining new business. Because of the heavy volume, she no longer required the sales team to provide original airline, hotel, or car rental receipts. She told them to just keep their meals under the $100 per day per diem and no receipts were required. She allowed them to use their own credit cards so they could get the frequent flyer points. She required them to turn in a summary of the travel expenses quarterly.
Situation c. Michael Jordon is a new employee hired from Craig's List recommended by a co-worker. Mike was hired as a Human Resource Assistant. Mike's first day on the job he is told that he should follow his own judgments when deciding how employee issues such as hiring and firing of employees, sexual harassment, and ethical infractions should be handled.
Requirements:
1. Identify the missing internal control characteristic in each situation.
2. Identify each firm's possible problem.
3. Propose a solution to the problem.
|
What is competitive advantage and how do you measure it
: What does "value chain" mean and how does it relate to competitive advantage? Identify strategies that can be used for cost advantage.
|
|
How many minutes does an assistant spend at the copier
: During an 8-hour day, how many minutes does an assistant spend at the copier? How much of this time is waiting time? Should management consider purchasing a second copier? Explain.
|
|
Social security number
: Keisha made alimony payments totaling $9,600 for the year to her former husband Alex, an unemployed mine worker, whose social security number is 412-34-5671. She also received a 1099 INT from Pine Cove Credit Union in the amount of $204.75
|
|
Assignment on hr training class
: Imagine that you are a member of the HR department of a small retail company and upper management has asked you to create a new employee customer service training class for all new employees.
|
|
Evaluating the internal control over inventory
: In evaluating the internal control over inventory for the Williams Oil Services Company, an auditor learns that the warehouse receiving clerk is responsible for ordering parts for supply inventory use in drilling services,
|
|
Cost of goods sold using the fifo periodic inventory method
: Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Marzion Electronics' year-end.
|
|
How much would average number of trucks waiting for loading
: How much would the average number of trucks waiting for loading/unloading have to be reduced to make the two-channel truck dock economically feasible?
|
|
What are the hallmarks of strategic innovation
: What are the hallmarks of strategic innovation? How important are organizational features in encouraging or stifling innovation? You should present evidence for your views drawn from research and practical experience.
|
|
Wall street journal project instructions
: For this project, you are required to read and analyze 5 recent articles from the Wall Street Journal, each covering a different topic addressed in the course. You will then write a 1-page review of each article.
|