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Review the internal control environment in the restaurant

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Reference no: EM132985551

Joh Java owns and manages a restaurant in Randwick. Joh accepts only cash payment.

  • Any of his staff can collect payments from his customers and put the collected cash less change into the cash register. Customers are not given a receipt. At the end of each day, he would count the cash in the cash register, use some of the cash to pay off his staff, and take the balance with him. The total from the cash register is produced each month for the business's bookkeeper to prepare the business activity statements.
  • Joh trusts his staff as they all come from his hometown. Recently, one of Joh's staff befriended a university student who regularly brings many of her friends to the restaurant for meals. Soon after this, Joh feels that the daily amount collected appears to have decreased even though the business volumes should have increased.

Required:

Problem 1: Review the internal control environment in this restaurant by reference to five principles of internal control.

Reference no: EM132985551

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