Internal Control Memo

  

As a new employee at Canyon rental, an outdoor
outfitters and supply shop, your boss has asked you to look at the internal
control system within the store. He is seeking a loan for expansion and must have
his books audited. The auditor asked about his control procedures and
documentation. He has no idea what the auditor is talking about. Your boss has
asked you to do what you need to understand the system and has asked for a memo
with your observations and recommendations by the end of the week. Through
interviews and observation you notice the following:
1. 
Purchase orders, and
sales invoices are not pre-numbered due to the higher cost of printing the
forms.
2. 
To save time the sales
clerk enters the sales at the end of the day into the accounting records,
prepares the deposit and delivers it to the bank.
3. 
The sales clerk a
trusted and long-term employee grants sales returns at her discretion.
4. 
The purchasing manager
both orders merchandise and approves the payment for the order.
5. 
Betty Gamble, the
bookkeeper has not taken a vacation in three years.
6. 
Checks are brought to
the owner twice a week for signing. He is overwhelmed by all of the paperwork
and has asked for the checks only on which he stamps his signature.
In your memo, give a summary of the elements
of an effective internal control system. Comment on each of your observations
and if there is a weakness provide a solution. Your memo should be 2-3 pages. Set timeline for 6 hours – Need ASAP! Thank you

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