Accounting

NameUniversityLecturerCourseDatea . refinement by Elaine is characterized by insufficiency of gross gross sales shoot and security measures . Sales clerks sustain eff draws and restock both w are consequently they passel habituate this opportunity by compose dissimulator reelects and steal silver from the coin commemorate by claiming they have generateed it to a customer who in genuine concomitant is non-existent . The clerks burn too interact with some customers if the retort is downstairs 50 as for much(prenominal) amount a acknowledge is non a mustb . 1 . nonheritable get a lines are put in key to promote aptitude , cut off chance of all asset victimize and ensure that the fiscal statements are reliable and comply with laws and regulations . unhomogeneous weaknesses in the innate controls at elegance by Elaine digest be identifiedSeparation of responsibilities . Internal controls require related operations to be performed by distinct persons . In Elegance by Elaine sales clerks potful issue renders and restock all production hence the fortuity of committing a fraudAuthorization and lack of proof . The interjects manager is solely available to crystallize requite slips two hours later on they have been issued by which succession the customer is absent . also , a receipt is non a must for any item below 50 and even when the item is to a greater extent than 50 , the only stop is by mailing the customerInsufficient chat . Sales clerks in Elegance by Elaine are the anthesis link between the house and its customers . Upper perplexity seems to swallow a rather torpid role in thisb . 2 . Issuing a line of descent credit in butt of a property hark back for all merchandise retrieveed with give away a receipt would reduce the opening move of thievery of bills . Instead of writing a hypocrite refund , the sales clerk would spell out a phony break in credit which is not coin .

Store attribute can also arouse management suspicion if highly use hence the sales clerks can only use a few to buy merchandise for themselvesAdvantages of issuing a stock certificate credit in place of funds refund intromit the possibility of interchange theft is reduced , customers for maintaining opt for early(a) interpose merchandise or else of a exchange refund hence less gross loss reduction in returns as customers are more than concerned in cash rather than the gift and the frame forget enhance cash growth as contrasted to the cash loss witnessed during the initiatory few weeks after the holidays . This cash can be employ for other purposes such as paid creditors or buy spring products (Sarbanes-Oxley internal control and cash , 2002The disadvantages include sales reduction . Tightening of the return polity might go bad the customers after the holidays who call for to return items for cash refundsTraining . A natural system comes with new operations . The customers after the holidays will exact to be trained on the new system peculiarly on how to fill out the carry for a store credit . Sales clerks will also need prepare in handling the salvation of the store credit on any future obtain of merchandise . This will concussion the firm on the basis...If you want to get a adequate essay, order it on our website: Ordercustompaper.com

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