Audit unit 5 assigment 2.docx - Owning a business there are many aspects that need to be taken into consideration Aspects can range from simple things

Audit unit 5 assigment 2.docx - Owning a business there are...

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Owning a business, there are many aspects that need to be taken into consideration. Aspects can range from simple things as how many employees, to the companies policy to who and how the financial records are handled and recorded. These decisions can be vital to the success or demise of your company. As a business owner, customer should be and will be your number one priority. They will be the life line to the company’s success. Ensuring they are fully aware of all you offer and your policy is vital. In the scenario with A-One Travel, during their audit, it was discovered when a customer cancels their travel arrangements, the customer is not receiving a refund nor is the entry being reverse on their books. When the President is questioned, there is lack of concern for the customer and the financial integrity of the company. This type of behavior will fall under significant deficiency. A significant deficiency is a deficiency, or a combination of deficiencies,
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