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Situation b. Nicole Lopez handles employee travel and expense reports f
or Scott Sales Services. With the growth in the economy, the sales team
began traveling extensively gaining new business. Because of the heavy
volume, she no longer required the sales team to provide original airline,
hotel, or car rental receipts. She told them to just keep their meals under
the $100 per day per diem and no receipts were required. She allowed th
em to use their own credit cards so they could get the frequent flyer poin
ts. She required them to turn in a summary of the travel expenses quarter
ly.
Situation c. Michael Jordon is a new employee hired from Craigs List re
commended by a co-
worker. Mike was hired as a Human Resource Assistant. Mikes first day
on the job he is told that he should follow his own judgments when deci
ding how employee issues such as hiring and firing of employees, sexual
harassment, and ethical infractions should be handled.
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? Requirements
1. Identify the missing internal control characteristic in each situation.
2. Identify each firms possible problem.
3. Propose a solution to the problem.
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ACCT 504 Case Study 3 (Wang Appliance Store)
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Construct and use a cash budget) Nathan Farmer, chief financial officer
of Wang Appliance Store, is responsible for the company?s budgeting pr
ocess. Farmer?s staff is preparing the Wang cash budget for 2014. A key