As an auditor, you are assigned to investigate the bonus system put in place by a retail store company. During the course of investigation of the bonus system process, you identified the following:
■ $1,000 checks were issued and sent to privileged customers.
■ The date on the checks was marked one month after the date being sent, so the check amounts were deposited a month after they were received by customers.
■ Bonus policy requires customers to spend the $1,000 amount in one of the company’s store within three days after receiving the checks.
■ Customers should pay with cash or credit card for the purchased merchandise.
Prepare a report of your analysis of the bonus system process, and include manual and automated controls situations as a possible indicator of fraud.
Fraud: What will I tell my MOM?
What is SOX?
What is internal control?
What are IT controls?
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