1. Mrs. Kamau is an accountant for law firm based in Nairobi. Each day she opens the mail and separates the cheques from the other mails. He then enters the amount of each payment as a credit into the related client account. Next, she gives the cheques to the secretary, who groups them together until the amount exceeds Kshs 50,000.00 As soon the total amount exceeds Kshs 50,000.00 she takes the cheques to the bank then she sends a monthly collection report to the head partner. Identify the internal control problem’s and how they should be handle.
2. Mr. Eric works as the purchasing manager for a retail department store. He Carefully monitors all inventories and sends purchase orders to suppliers whenever stock needs to be replenished. When a given order arrives at the receiving department, the manager of the department send Eric memo, letting him know that all parts of the order have been received and accounted for. Eric the notifies accounts payable to pay the vendor.
Analyze the internal controls relating to tasks surrounding Eric's responsibility
3. Based on a company you are familiar with identify the weak internal control areas in which fraud can be committed, and indicate clearly how fraud can be committed and explain ways in which you can prevent the fraud from happening.
4. Auditors are the watchdogs while the forensic accountants are the blood hound of financial statements, do you agree or disagree with this statements.
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1. Mrs. Kamau is an accountant for law firm based in Nairobi. Each day she opens...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
Case: Enron: Questionable Accounting Leads to CollapseIntroductionOnce upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant “E,” slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm laid off 4,000...
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