2.4 - the company. There should have been an agreement...

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Kelly Legner 2.4 1. Accuracy is one of the most important because if the accounts would have been recorded correctly than the cash account should have matched the inventory account. 2. Audit procedures that should be used is people should have to have something on file if they want 2.7 million dollars on hand. FDIC only insures to 250,000 now it is usually 100,000. So even the FDIC would not be able to insure most of this money. The client should have been told no and given something else that would help when buying stocks with
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Unformatted text preview: the company. There should have been an agreement between the stock exchange broker and the bank. Cash should be counted daily and logged. There should be more than one person who verifies this and it should not be the same people every day. 3. Auditors should have demanded the count that day. The internal auditors should have had access to the safe. Auditors should have questioned the staff better. Also the customer who wanted the money should have been questioned and the story should have been checked out....
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This note was uploaded on 05/23/2011 for the course ACCT 842 taught by Professor Shekib during the Spring '11 term at Governors State University.

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