Understanding an effective internal control system

Order instructions

Internal Controls
The management at Sampson, Inc. understands that an effective internal control system provides many positives. Among these positives are reliable financial information that enables management to make educated decisions with an opportunity to prevent or detect errors. The internal audit staff at Sampson conducts a periodic review of the organization’s accounting records in order to determine if the system for internal controls is effective.
In the latest audit, the staff found the following situations:
•    Bank deposits and cash receipts do not always reconcile.
•    Decisions and the actual write-offs of bad debt are performed by the same person.
•    Occasional discrepancies exist between physical inventory and the perpetual inventory records.
•    Adjustments to physical inventory counts and the perpetual inventory records have been observed.
•    Customer refunds and credits are not unusual.
•    Original source documents are missing. However, substitute copies of the original source documents are available.

Answers

Related Questions

Unit8Assign1QDA...

Unit8Assign1QDAt TestsSee the Resources area for links to resources that you will use for this assignment:You will complete this assignment using the...

Kirkpatrick's Four level Evaluation...

 Donald Kirkpatrick's Four level Evaluation Model, devised in the 1970s and a standard tool in training circles Evaluate the value and limitation...

question 1...

 First, consider your firm’s orientation in regards to the Miles and Snows framework.  How will the firm retrain, hire staff, or outsource to meet...

Final Project...

Unit VIII Final Project  Design and submit a detailed proposal for leading a specific area of change within a specific team or organization, using s...

Case Study...

Performance Advantage of Sustainability  Review Chapter 8 in your textbook (pages 181-185), “Performance Advantage of Sustainability.” What are...

Discussion 100...

Health Care and Its Related IssuesThere are several ways to measure the health status of a community or an entire population. In order to understand t...

Evidence-based, primary care health promotion...

 Identify a population to assess and develop an evidence-based, primary care health promotion recommendations to deliver in their own communities (Hi...

Politics Discussion Question...

 -Need it by tonight at 11 pm in Pacific Time Zone.Please watch the Congress video, review the text, and respond to the questions below:After compl...

WEEK 1 Assignment BUS 681...

Journal Article Research and AnalysisStrategic compensation is a component of the human resource system. Organizations must determine the importance o...

NEED IN 2 HOURS "NO EXCEPTION!!!!!!!"...

                                  GOT TO HAVE BACK IN 2 HOURS  PLEASE NUMBER EACH QUESTION1. What are the primary...

Natural Science paper...

  term paper. topic: noise pollution.1. Describe the topic and how it relates to the Course, Course Concepts and/or principles.2. Analyze the Decisi...

week 5 - assignment c (8 pages; plagiarism and gra...

  Effects of the Federal Reserve’s Monetary Policy on the Financial Institutions and Markets.Changes in the Federal Reserve’s monetary policy ha...

Just answer the question below after reading the a...

1) What is the setting for "Araby"? Why does it matter given the story's themes?2) What do you make of the speaker's epiphany at the end? What...

4587...

Select a publicly held company and analyze its capital-structure, applying the theories and principles found in Chapter 15 of the text.  The structu...

For Essays Guru - Annotated Bibliography...

 Complete an annotated bibliography for your Communication Guide, due in Week Five. Detailed directions are in the Communication Guide Presentation I...

1246...

Examining the effects of a company’s financial leverage on stock prices, earnings per share, and cost of capital is important to a firm’s capital...

for anyone...

 Conflict may occur in many different aspects of people's lives, and how individuals respond to conflict may differ depending on the situation. T...

Communication Report...

For this assignment, you have to take on the role of a human services administrator charged by the Department of Health with the responsibility of com...

new normal...

 In your own words, describe the 'New Normal'.  How does it differ from the 'Old Normal'?  How does the 'New Normal' change...

Podcasts assigment...

Search credible websites for a podcast on a specific health problem in a country of your choice.  In 300-400 words, describe your thought provoking r...

Podcasts...

Search credible websites for a podcast on a specific health problem in a country of your choice. Provide three thought-provoking takeaways from the po...

Health Promotion...

You have recently been assigned Health Promotion as a new priority for the upcoming year.  Review the C-Span Health Promotion (Links to an external...

Technology for Care...

Review the use of technology in the United States and Canada and how its use or limitations impact patient care.Guided Response: Respond to at least t...

Assignment...

  Primary Source Assignment (worth up to 70 points)Each student will choose a theme pertaining to colonial America (1607-1776) that they would like...

If you didn't find the right answer

Ask Your Questions, We'll notify you once someone answers it