1. Determine FOUR ways to overcome the company’s problems.b) Propose TWO ethical principles for Soufian and account clerk to increase their self-development.c) Create an effective work schedule for the employees. Soufian, a senior account executive is spending more money than he can afford. He is theauthorized signatory on the company's bank account and write cheques for himself, hisaccomplices and his creditors. Here, no one is reviewing the supporting documents orreconciling the bank statements. In addition, he has a complete control over the company'scomputerized accounting system. Accordingly, because there was no oversight of his work,Soufian is brave enough to do absolutely nothing to conceal the irregularities on the records.An account clerk assists Soufian, but the clerk job is not requiring much attention, forexample, only does filing and retrieving documents, answering phones, responding to emailsand running errands. On the other hand, Soufian is occupying too much time with his work bynot telling the account clerk about the accounting procedures or to give training on operatingthe accounting system. The truth is Soufian chooses not to delegate his tasks and he isappeared to be contented of working extra hours.

An organization is created by a group of people who work together to attain certain objectives.…

1. Determine FOUR ways to overcome the company’s problems. b) Propose TWO ethical principles for Soufian and account clerk to increase their self- development. c) Create an effective work schedule for the employees.

1. Determine FOUR ways to overcome the company’s problems. b) Propose TWO ethical principles for Soufian and account clerk to increase their self- development. c) Create an effective work schedule for the employees.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

The finance director, Montse Mirabelle, has informed you that a significant fraud took place during the year in the payroll department. A number of fictitious employees were set up on the payroll and wages were paid into one bank account. This bank account belonged to two supervisors, who were married, and were employed by Heraklion Co. One had sole responsibility for setting up new joiners in the payroll system and the other processed and authorised bank transfer requests for wages and supplier payments. These employees no longer work for the company and Montse has asked the audit firm for recommendations on how to improve controls in this area to prevent this type of fraud occurring again. Heraklion Co operates a Human Resources department. Required:(c) In relation to the payroll fraud, identify and explain THREE controls Heraklion Co should implement to reduce the risk of this type of fraud occurring again and, for each control, describe how it would mitigate the risk.
Read the study below and then answer the questions that follow. Gardo Varela, an employee of Diva Pawnshop, was accused of stealing funds from pawnshop transactions. His officemates noticed that Gardo has been living a lavish lifestyle traveling in and out of the country and purchasing major items for his house. Upon knowing this, the management immediately called his attention and decided to suspend him without probable cause. There were no major losses reported by the accounting department to support that Gardo is stealing funds. After terminating Gardo, his supervisor gathered that Gardo had a part-time job selling his paintings in art fairs. His artworks were sold at premium prices to VIP customers. 1. Why is important to undergo due process before receiving the verdict? 2. After Gardo's supervisor found out the real source of Gardo's funds, can he and the management still do anything to make amends to Gardo
Draft a memo from general manager to the finance officer of fair&lovely cosmetics private limited on the subject of purchase of beauty chemicals.
Of the following statements related to liability for Canadian income tax, which statement is NOT correct? D (A) Corporations must use the calendar year as their taxation year. B Part I tax is assessed on residents of Canada. Part I tax is assessed on Canadian employment income earned by a non-resident. As used in the ITA, the term person refers to individuals, trusts, and corporations. Conti
White booked a flight for a business trip with his company’s travel agent. He filled out two expense reports for this trip,and on each report, he requested reimbursement for the cost of the ticket. On one report,he attached his airline stub as support for the expense. On the other report, he attached the travel agency’s invoice as support.What kind of scheme was White attempting? a. A false billing scheme b. A mischaracterized expense scheme c. An overstated expense scheme d. A multiple reimbursement scheme
Please solve all questions. You are the manager responsible for the audit of Kicap Manis Berhad, a listed company, for the year ended 31 December 2019. The main business activity of Kicap Manis Berhad is the manufacture of farm machinery. The audit work has been completed, and you are reviewing the working papers in order to draft a report to those charged with governance. During the audit of property, plant and equipment (PPE), the audit team found no material misstatement but the following issues have come to your attention. It was discovered that authorization had not been gained for the purchase of office equipment with a cost of RM315,000. The officer in charge of the purchase claimed that the management has conveyed their agreement with the purchase in the management team monthly meeting, but the audit team has not been furnished with such minutes of meeting even after numerous requests. The client is using an internally developed PPE system, PropertyCare, to maintain the records…
What did Pavlo do that he thought would prevent MCI ( his employer) from coming after him if he got caught? What did Pavlo do that he thought would prevent MCI ( his employer) from coming after him if he got caught? Made secret recordings. Made copies of the general ledger. Gathered information about what his employer was telling him to do so that he had leverage against his employer. Asked his employees to lie for him.
Cash receipts from sales on account have been misappropriated. Which of the following acts will conceal this embezzlement and be least likely to be detected by the auditor?(1) Understating the sales journal.(2) Overstating the accounts receivable control account.(3) Overstating the accounts receivable subsidiary records.(4) Understating the cash receipts journal.
Ahmed was an Arizona University student and spent 20 hours each week working at the university library. He liked the library because it was quiet and he could study some of the time. One interesting aspect of the library was the access to incredible databases, some of which were only for the professors. As a student worker he was privy to all the database codes, and soon discovered large amounts of materials for almost every class on campus. Bill, one of Ahmed’s fellow library student workers, was constantly talking about doing weird stunts and antics to put on YouTube. He was a nice person to be around but sometimes he was a little overbearing. One evening when Ahmed started work, Bill was talking about the many ways to download pirated music, movies, and books from the library’s system. “It is very easy and untraceable. I just route my requests to a professor’s IP address, then send it to several other faculty IP addresses so it is difficult to trace. I then go to one of the…
An underwriter keeps shareholder records and prepares official lists of shareholders and dividend payments. True False
What are the steps an accountant might go through in making the decision of whether and how to be a 'whistleblower' regarding a perceived unethical practice of his or her employer, which is a reputable accounting firm.
93 The Consumer Financial Protection Bureau (CFPB) Is authorized to write regulations according to which of the folloving act? A) The Dodd-Frank Act B) The Fair Housing Act C) The Truth in Lending Act (TILA) D) The Real Estate Settlement Procedures Act (RESPA)