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Case Study 2

In: Business and Management

Submitted By deniselynn
Words 711
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cCase Study 2
Situation A
In the Williams Oil Services Company, there are no checks and balances for the inventory. In order to make sure a company runs smoothly and is profitable, Internal Controls need to be put in place to allow for proper handling of all the aspects of the inventory.
Separation of Duties – This is an important aspect for this situation. The same person is ordering the inventory, counting the inventory when it is received, recording the receipts into the inventory ledger and is the person that is taking the annual inventory.

Purchasing Department – This department should be the ones to order inventory.

Receiving Department - should receive the inventory and count the inventory while signing off that the inventory amount ordered is the same amount received.

Inventory Ledger – The supervisor should be handling the recording of the receipts into the ledger. This keeps the count of inventory processing through multiple people. This will help to counteract theft and will cause people to keep track of each other as well as the inventory.

Physical Audits – Audits should always be completed by more than one person.

Situation B
Scott Sales Services
Although the company is growing there are no procedures set in place to keep the employees from inappropriately using their credit freedom.

Not requiring receipts to be provided to the company poses a problem should the company get audited. There is no proof where the money has been spent or if it actually was spent on travel for the company. Also by telling them to keep their meals under $100.00 per day with no receipts allows for the salesman to abuse their positions and use their per diem to take family and friends out on the companies dime. Without the receipts there is no way of making sure that the money they are asking to be reimbursed is actually food that was eaten when…...

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