20 x 25 厘米 (1)

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20 x 25 厘米 (1)

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Answered Same Day Dec 23, 2021

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David answered on Dec 23 2021

123 Votes

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1) List and explain what you believe should have been the key internal control
objectives for Goodner's Huntington sales office.
The Key internal control objectives for Goodner's Huntington sales office are
described as follows:-
1. Proper security of assets:-Assets at the Goodner’s Office should have been
properly secured and safeguard measures such as physical protection,
prevention of asset use by unauthorized person must be taken.
Physical safeguard measures include lock on doors, use of assets by prior
approval only etc.
2. Limited access to inventory storage:-Inventory must be stored with proper
approval of authorized person. Also, credit terms should be decided by
authorized person only. Thus, access to inventory storage must be restricted. It
will help in keeping track record of inflow and outflow of goods.
3. Proper documentation: - All the supporting and records must be properly
documented. This will not only help in proper recording of all transactions but will
also help in audit process. Audit becomes easier hen records are properly
maintained. Proper documentation ensures presence of audit trail which is must
for audit procedures.
4. Segregation of duties: - Duties and responsibilities must be allocated in a fair
and equitable basis. This will help in clear division of responsibilities and in case
of discrepancies if any found only the concerned person will be held responsible
and accountable. Segregation of duties helps to reduce fraud and misstatements.
For example: - Sales person should not be given access to inventory handling as
this...

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