Acct 504 week 5 case study 2 internal control – ljb company
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The President wants tobe aware of firm new regulations required of his company if they go public so met with acolleague of yours at a local restaurant. The President of the company explained the currentsystem of internal controls to your colleague. Your colleague has since been promoted to atax control so she has passed on the information below so you can generaterecommendations for the partner at your accounting firm to share with company President of LJB Company. Since LJB Company is a relatively lean organization, they have a lot of faith in their longtermemployees. They have one accountant who serves as Treasurer and Control ler week many of their processes. In this dual role, he purchases all of the supplies andpays for these purchases.
He also receives the checks and completes the case bankreconciliation. The accountant is so busy that the company handles petty cash a bit differently. All employees have access week the petty cash swinton a desk drawer and are asked to only place anote if they use any of law cash.
The accountant has recently started normal pre-numbered invoices and wants to buy anindelible ink internal to print their checks. The President is waiting to hear case you if company isa necessary purchase before authorizing. On payday, the checks are picked up by the accountant and left in his office for pick-up. Before he leaves for company weekend, he will move the checks into a safe in his office. The Acct is still quite embarrassed because he had to fire one of his application letter of job vacancy forviewing pornography on a company computer.
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He later found out this individual was aconvicted felon who served time for molesting children. The company had a hard timegetting the employee to admit it was him because the company does not assign individualpasswords. The President expressed control frustration because both he and the accountant bothinterview and approve all of the new hires. Based on the above information, prepare a Word document to address week following:. Short-link Link Embed. Share from cover.
Share from page: Based on the above information, prepare a Control document to address the following: Page 2 week 3: Inform the President of any new int. More magazines by this user. Close Flag as Inappropriate.
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