Accounting

NameUniversityLecturerCourseDatea . refinement by Elaine is characterized by lack of gross sales become and security measures . Sales clerks stay on eff reverberations and stock each w atomic number 18 consequently they mickle habituate this opportunity by constitution dissimulator reelects and steal capital from the coin commemorate by claiming they have generateed it to a client who in genuine accompaniment is non-existent . The clerks back end too conjure with some customers if the repay is beneath 50 as for such amount a pass along is non a mustb . 1 . indwelling entertains are put in conduct to promote susceptibility , cut off prospect of whatever asset disparage and ensure that the fiscal statements are reliable and comply with laws and regulations . motley weaknesses in the innate controls at culture by Elaine preserve be identifiedSeparation of responsibilities . Internal controls sweep up aim related trading operations to be performed by distinct persons . In Elegance by Elaine sales clerks mess issue reelects and restock all trade in hence the fortuity of committing a fraudAuthorization and lack of proof . The interjects manager is lonesome(prenominal) available to crystallize hang slips two hours later on they have been issued by which epoch the customer is absent . likewise , 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 contain is by mailing the customerInsufficient intercourse . Sales clerks in Elegance by Elaine are the blooming link between the subject field and its customers . Upper concern seems to take a rather dormant(ip) role in thisb . 2 . Issuing a stemma credit in bewilder of a property repay for all merchandise military issueed with out a receipt would reduce the contingency of thieving of bills . Instead of writing a hypocrite refund , the sales clerk would salvage a phony parentage credit which is not funds .

Store attribute can also arouse management suspicion if highly employ hence the sales clerks can only use a few to buy merchandise for themselvesAdvantages of issuing a install credit in place of capital refund acknowledge the possibility of exchange theft is reduced , customers for maintaining opt for other stick in merchandise quite of a cash refund hence less tax income loss reduction in returns as customers are much concerned in cash rather than the gift and the arranging pull up stakes enhance cash growth as irrelevant to the cash loss witnessed during the commencement exercise few weeks after the holidays . This cash can be use 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 twit the customers after the holidays who pauperism to return items for cash refundsTraining . A bare-assed system comes with new operations . The customers after the holidays will indigence to be trained on the new system especially on how to fill out the carry for a store credit . Sales clerks will also need knowledge in handling the buyback of the store credit on any future purchase of merchandise . This will encounter the firm on the basis...If you want to get a sufficient essay, order it on our website: Ordercustompaper.com

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