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Scenario Analysis - Susan, a store supervisor, is responsible for creating a summary of the store's transactions at the end of each day. She is also responsible for checking the register tape against the credit slips and cash in the register, and then depositing the money in the morning. Susan recently took on a new role as head bookkeeper, when the former one retired. Susan would occasionally change a transaction on the register and pocket the extra money. Now, she waits until the end of the year for the store manager to go on holiday break. She writes a check for herself in the amount of an invoice, then cancels the check originally written to pay for the invoice. She cashes the check for herself, and waits a few weeks before resubmitting the invoice. When the owner writes the second check, Susan records this in the cash disbursements journal, and then deposits the check. She then files it with all other paid invoices. Susan has been following this practice successfully for several years and feels confident that she has developed a safe method to earn some extra income.
Required -
a. What is the auditor's responsibility for discovering this type of embezzlement?
b. What deficiencies exist in the client's internal control?
c. What evidence can the auditor use to uncover the fraud?
Discuss how companies are required to assign each category of securities into its current and noncurrent portions.
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