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E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: Assignment of responsibilities Separation of duties Audits Electronic devices Other controls (specify)

E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: Assignment of responsibilities Separation of duties Audits Electronic devices Other controls (specify)

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 3RQSC
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a. While reviewing the records of Quality Pharmacy, you find that the same b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and employee orders merchandise and approves invoices for payment. approves invoices for payment. eess is slow at Amazing Amusement Park on Tuesday, Wednesday, and laursday nights. To reduce expenses, the business decides not to use a ticket taker those nights. The ticket seller (cashier) is told to keep the tickets as a record of the number sold. The same trusted employee has served as cashier for 12 years. 1 When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees spend deliv- ering cash to the bank, so he starts a new policy. Cash will build up over weekends, and the total will be deposited on Monday. e. Grocery stores such as Convenience Market and Natural Foods purchase most merchandise from a few suppliers. At another grocery store, the manager decides to reduce paperwork. He eliminates the requirement that the receiving department prepare a receiving report listing the goods actually received from the supplier. Learning Objective 2 ing internal control over cash receipts ith a cash register. The ER 8
Transcribed Image Text:a. While reviewing the records of Quality Pharmacy, you find that the same b. Business is slow at Amazing Amusement Park on Tuesday, Wednesday, and employee orders merchandise and approves invoices for payment. approves invoices for payment. eess is slow at Amazing Amusement Park on Tuesday, Wednesday, and laursday nights. To reduce expenses, the business decides not to use a ticket taker those nights. The ticket seller (cashier) is told to keep the tickets as a record of the number sold. The same trusted employee has served as cashier for 12 years. 1 When business is brisk, Fast Mart deposits cash in the bank several times during the day. The manager at one store wants to reduce the time employees spend deliv- ering cash to the bank, so he starts a new policy. Cash will build up over weekends, and the total will be deposited on Monday. e. Grocery stores such as Convenience Market and Natural Foods purchase most merchandise from a few suppliers. At another grocery store, the manager decides to reduce paperwork. He eliminates the requirement that the receiving department prepare a receiving report listing the goods actually received from the supplier. Learning Objective 2 ing internal control over cash receipts ith a cash register. The ER 8
ctive 1 E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: Assignment of responsibilities Separation of duties Audits Electronic devices Other controls (specify)
Transcribed Image Text:ctive 1 E8-13 Identifying internal controls Consider each situation separately. Identify the missing internal control procedure from these characteristics: Assignment of responsibilities Separation of duties Audits Electronic devices Other controls (specify)
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