Identify main internal control weakness in given situation

Assignment Help Financial Accounting

Reference no: EM13943991

Fast Pass Company manufactures a popular brand of footballs. Fast Pass employs 142 workers and keeps its employment records on time sheets that show how many hours the employee works each week. On Friday the shop foreman collects the time sheets, checks them for accuracy, and delivers them to the payroll department for preparation of paychecks. The treasurer signs the paychecks and returns the checks to the payroll department for distribution to the employees.

Identify the main internal control weakness in this situation, state how the weakness can hurt Fast Pass, and propose a way to correct the weakness.

Reference no: EM13943991

Questions Cloud

Design a version of mergesort that uses the auxiliary array : Given a list L[0:n - 1], one way of maintaining a sorted order of L is to use an auxiliary array Link[0:n - 1].

Assuming the company desires : Although only 20 units are on hand at the beginning of the year, World Company plans to sell 100 units during 2014. Assuming the company desires an ending inventory of 10 units, it should plan to purchase 110 units

Describe the reasoning behind aquinas moral theory : Describe the reasoning behind Augustine's moral theory, particularly as it relates to the concepts of 'ordered' and 'disordered' love. For Augustine, what constitutes 'ordered' love, and why is it so important?

Write a paper about food in naples of italy : Write a paper about food in Naples of Italy, which is classic and representative. Choose two or three course, talk about their history, how to make them, their position in Italian food, how them become popular in Italy even the world

Identify main internal control weakness in given situation : Identify the main internal control weakness in this situation, state how the weakness can hurt Fast Pass, and propose a way to correct the weakness.

The overworked it resource person : Hello Skgupta. I have a last assignment in Operations Management. I am kindly asking for help. I have attached the problems in a word doc. I will also attach an Excel spreadsheet that will help with the problems. Thnak You! Problems* *Use spreadsh..

Cash budget and makes borrowing projection : Interest expense is not included in the selling and administrative budget because a company cannot estimate interest expense until it prepares the cash budget and makes borrowing projection

Development of a positive brand attitude : What was it that caught your attention? Was it the celebrity? You read the advertisement. What do you learn? What does the advertisement do to promote positive learning/development of a positive brand attitude?

Developed a cure for the common cold : A pharmaceuticals company claims to have developed a cure for the common cold. In order to test whether this is true, one group of recent cold-sufferers was given this medicine and another group was given a placebo instead.

User Account

All Pages