Accounting Discussion
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The chapter covers the purpose of Internal Control, and introduces the following principles of internal control. Apply the following concepts (Do not apply some hard concepts b/c the class might not yet cover them) to create a no more than 200-word response to the dicussion.
1) establish responsibilities
2) maintain adequate records
3) insure assets and bond key employees
4) separate recordkeeping from custody of asstes
5) divde responsibility for related transactions
6) apply technological controls
7) perfrom regular and independent reviews
When some people think about inventory theft, they imagine a shoplifter running out of a store with goods stuffed inside a jacket or bag. But that’s not what the managers at the Comfy Sportswear store on San Francisco’s Lombard street thought. No, they suspected their own employees were the main cause of their unusually high shrinkage. One scam involved dishonest cashiers who would let their friends take a pair of Nike’s without paying for them. To make it look like the shoes had been bought, cashiers would ring up a sale, but instead of charging $50 for shoes, they would charge only $2 for a bottle of shoe polish. When the company’s managers saw a drop in gross profit, they decided to put the accounting system to work. In just two years, the company cut its Lombard Street inventory losses in half. Here’s how a newspaper described the store’s improvements:
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Retailers Crack Down on Employee Theft Orange Register Today, October 10, 2014, San Francisco By Sandra Smith, Orange Register Today Staff Writer
… Comfy Sportswear installed a chainwide register-monitoring system to sniff out suspicious transactions, such as unusually large numbers of refunds or voids, or repeated sales of cheap goods.
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In 200 words or less, provide what other control procedures the company can use to reduce theft.
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