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Question - Albert Mona has worked at Crimson Electricals for more than 8 years. He is a very diligent employee who never calls in sick and staggers his vacation days throughout the year so that no other staff member has taken on his tasks for more than one day. As a small retailer, Crimson employs only three people other than the owner. The owner, with his in-depth knowledge of the trade, focuses exclusively on serving the customers. One employee handles all receiving, stocking and shipping of merchandise and another employee handles the purchasing, payroll, general ledger, inventory and accounts payable function.
Albert handles all receipts from cash sales and prepares the daily deposits for the business. In addition, he opens the mails and deposits all cheques. Albert also keeps the accounts receivable records and bills the customers who purchase on credit.
Required -
a) Identify the control weaknesses at Crimson Electricals.
b) Assume that no additional employee can be hired, make some recommendations to remedy the identified weaknesses.
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