Travis Dorso-Unit 3 Assignment

Travis Dorso-Unit 3 Assignment - Problem 6.5 Internal...

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Problem 6.5 Internal Control 1. Problems with the current accounts receivable system- The problems with the current accounts receivable system at Morris Mart, Inc. is that it is a small business that does not have the appropriate amount of personnel to perform the duties necessary to avoid errors that could cost her company money. Mary is operating the business soley on her own because she handles all customer accounts. 2.Suggestions to improve internal control- Internal accounting control procedures should be implemented at Morris Mart, Inc. by distributing duties that includes two different employees to handle all aspects of customer accounts, independent verification of the duties actually performed, and external auditors to ensure that financial statements have been prepared accurately and presented fairly. 3.Personally NOT the problem- It would be explained to Mary that an establishing internal control procedures will improve her family's business by protecting assets through reduction of human error and by verifying the work of all employees.
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Travis Dorso-Unit 3 Assignment - Problem 6.5 Internal...

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