What new procedures or controls would you like to see

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Reference no: EM133541961

Case: Antiques Ltd operates a large shop in the centre of Bromwich and two smaller shops in adjacent towns. They sell expensive reproduction antique furniture. Normally customers see the furniture in the shop and place an order for delivery in the company van within four weeks. The delay occurs because each sale results in a purchase order for one of the suppliers. On placing the order, the customers pay by cash, cheque, credit card, bank transfer, or signs a credit sale agreement where payments are made in instalments. There are four sales assistants, a van driver and a cashier in the shop.

The smaller shops have a shop manager who deals with all the paper work and part time staff who assist at busy times. Customer orders are sent through to the main shop for sending to suppliers. Receipts from customers are banked daily - weekend receipts being banked on the Monday - and duplicate sales invoices are also sent to head office. Tills for any cash sales are cashed up daily and cash sheets agreed to till rolls. Managers have to sign the record of receipts.

Accounting and purchasing are done centrally by the manager and a part time book keeper. The three director all have other businesses and review the company operations once a month at an all day board meeting.

Question 1: What new procedures or controls would you like to see and how would they benefit the system?

Question 2: What controls or procedures are in place? What internal controls should be in place?

Reference no: EM133541961

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