Essay about Case Bellagio Questions

B. In addition, illegal gambling has given crime lords power of controlling gaming set up in illegal casinos.

Receivables system: Five transactions were selected at random from the first three quarters of fiscal 2007 and we found that TCC’s authorization controls over bad debts and recoveries were effective. However, based on information provided by prior year 2006 audit file of the bad debt owed by Kmart and the inability to pay there should be a further investigation into the recovery of the bad debt owed by Kmart in 2007.

It follows a strong internal control system for cash. A separate person is appointed to approve all purchases, payroll and any disbursement of cash. At the end of each month company prepares bank reconciliation statement to reconcile cash book balance and bank statement balance. Company keeps proper inventory record system. All these prevent frauds and ensure smooth functioning of the business.

The design and implementation and objectives of company controls are not adequate to meet the control objectives. The control environment control objective is ineffective. This control objective lacks a written policy on ethical conduct, is lacking oversight from the board of directors and audit committee, lacks a consistent style and philosophy from management, and lacks a strong commitment to competence. The risk assessment control objective is effective but lacks any antifraud program and controls. The information and communication control is ineffective. A virus has been detected and is affecting the files of the company. This control is lacking a strong IT department. The general controls financial reporting control objective is effective but is weak in detecting or preventing material misstatement. The monitoring control objective is ineffective; this control has need of an internal auditor.

Overall Strength: in general, the article provides structure to a concept that is very intangible by: (a) describing the nature and the functions of control; (b) segregating the MCS into categories: core control system, organizational structure, and organizational culture; (c) illustrating how to apply the control model (satisfied my approach) (d) provides a basis for designing and evaluating the system. The manner, in which the model is presented, with its use of figures, further emphasizes the structure of the model. See below on further emphasis on parts (a) -(c).

The second aspect of management used to investigate the issue is Controlling. Control is a concern that is facing every manager in every organisation today. Many businesses continually look to improve relationships between all levels of staff in order for a healthy working environment. To effectively control a business the organisation requires information about

1. To have a strong internal control system, a business must have good administrative controls. Administrative controls include: A. B. C. D. the reconciliation of the bank statement. the accuracy of the recording procedures. assessing compliance with company policies. maintenance of accurate inventory records.

Using two of the four forms of control (Knights and Wilmott, 2012) as a framework, use any of the material in Unit 2 to discuss the benefits and challenges of these methods of management. You should also explore the implications these managerial issues provoke in relation to your practice as a manager or as an employee.

Carefully management of cash can allow a company to have enough cash to pay for obligations. Another way of protecting cash includes, appropriately investing idle cash. Cash must also be controlled by merchants, this may involve limiting access to employees and issuing a bank reconciliations. Merchants can compare the cash amounts from bank statements to the general ledger. These two but equal one another. Petty cash must be administered correctly and a proper petty system must be used by merchants. Disbursements can also be used to mange and protect cash.

internal control and the ways in which cash is controlled in the casino. The two major purposes

--Company performs its own employment screenings, independent of the registration process. The intent is to check background and to avoid hiring people involved in crime, violations. --Licensing of casino personnel so this will ensure that the right person is employed and those who fails the registration process is not employed by casino company. --Training and retaining well qualified employees to ensure that the right type of people is employed: Company provides extensive further training to employees to standardize its activities. Cultural controls (exist to shape organizational behavioral norms and to encourage employees to monitor and influence each other's behaviors): --Controls were legally mandated because the gaming industry is highly regulated. Companies have to maintaining its licenses and paying gaming taxes to be allowed to continue operations. --Company is operating in highly competitive environments and competing against other companies. They were required by regulations to report suspicious activities related to money laundering and report any cash transaction in excess of $10,000. Results controls (Policies and procedures that help ensure management directives are carried out to achieve the desired result. It involves rewarding individuals for generating good

The GCB adopted the Minimum Internal Control Standards (MICS) as the minimum requirements for internal controls over gaming operations for Group I licensees. These standards are vague in that they allow each casino to decide how exactly it will comply with the standards. The Board provides Compliance Checklists for CPAs to use in their audits of gaming clients. Each individual casino must create its own Internal Control Submission (ICS), which details how

The basic system of just about every casino is that of the tables (including Roulette, Blackjack and Craps) filling the center of the room with computerized

A good control system provides timely information to the manager which is very much useful for taking various decisions. Control simplifies supervision by pointing out the significant deviations from the standards of performance. It keeps the subordinates under check and brings discipline among them.

Political and legal factors are those controlled by ‘governments, local authorities, or other trade or activity orientated regulatory bodies' (Brassington and Pettitt, 2000). Gambling legislation is put in place in order to prevent consumers been taken advantage and also help control consumers with gambling problems. The internet is open to great abuse in all areas of the internet and gambling is no exception. Within five minutes it is possible to be gambling on the internet at as high stakes as one desires, this obviously has its dangers. Companies have recently been pushed to be more responsible for caring for their customers. Some of the companies now have a system which its customers can use. The system offers the customer control of how much they can deposit in a designated time period, this helps the customers control their spending. Though this may affect profits for a company, it gives the impression that they care for their customers, which promotes their company. The laws for online gambling are reasonably relaxed and with it been a worldwide market that anyone from any country can access it is hard to control such a market. There have been recent worries about illegal gambling carried out on Betfair with trainers and owners regarding the running of a horse to lose. Many bets would be taken on the specific horse resulting