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The topic for your research paper will be based on any industry you want to research. For instance, I worked in construction for a long time so I would be interested in developing a research paper...

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  • The topic for your research paper will be based on any industry you want to research. For instance, I worked in construction for a long time so I would be interested in developing a research paper titled:Internal Control Considerations for the Construction Industry.Title your paper the same way except based on your chosen industry.

  • Be certain that the main emphasis of your research paper is on internal controls. Do you know of or have you seen lacking controls in your selected industry? If so, what happened? For instance, I can tell you about issues with business (gas) credit cards that were used for personal fill-ups; and about employees claiming left-over materials as their own. And we have all read about instances of bookkeepers who have figured out how to skim cash from medical and other practices. When you discuss these events, just give the facts, no need to identify persons by name. Unless they are public knowledge - there are certainly a lot of famous fraud cases that can be discussed as a part of your research. Also be sure to discuss what internal controls should have been in place and how you would implement the controls.

  • Here are a few more suggested topics to help guide the development of your paper: History of the industry; perhaps discuss significant ups/downs throughout history; discuss employment factors from both the employee and employer point of view; other events that have impacted the industry, do not forget to include information from the accounting perspective, etc. These are merely suggestions to help you get started. There may be other avenues to cover specific to your chosen industry.

  • Your paper should also be drawn from scholarly research. I encourage you to searchGoogle Scholarfor scholarly articles. There is also an area in Blackboard labeledProfessional AccountingResources that provides a wealth of resources for research.You may consider current and past course materials, cases, and and or employment experiences, life experience, etc. to synthesize and evaluate the topic. As you draw conclusions, which should be informed primarily by your research, share your own opinion, even if it differs from the research. Be sure to provide well-reasoned evidence to support your conclusion and opinion. It should be based on "sufficient and appropriate evidence."

  • The written paper/report should be no less than 5 pages and no more than 10 pages. Please number your pages and adhere toAPA version 7for all formatting. Which includes double-spacing and using 12 pt. Times New Roman font.

  • A separate title sheet and reference section should be included in addition to the report. I expect no less than 5 solid and complete references to be utilized for this research. All references listed should be cited in the paper. Do not list a reference on the reference page if you are not citing it! Also, please refrain from using online references that add little value and cannot be verified. Do not provide an abstract and do not use footnotes.

Answered 1 days After Mar 15, 2023

Solution

Prince answered on Mar 16 2023
35 Votes
Internal Control Considerations for the Retail Industry
Student Name
17th March 2023
Introduction
With the increasing globalization and growth of the retail industry, businesses must ensure their internal control systems are updated to meet the ever-changing needs of customers and market environments. On the other hand, disruptive technologies, such as the internet, provide the potential for tremendous innovation in the retail industry. Consequently, many retailers have been relying on a mix of technology and process, while continuing to use traditional channels of delivering goods and services. In order to compete in this rapidly changing environment and protect stakeholders’ investments, businesses need to assess their internal control systems, identify and implement effective and reliable control procedures, and monitor the long-term effectiveness of the system. This report seeks to undertake an analysis of the cu
ent internal control considerations for the retail industry and to discuss the necessary controls that should be in place, as well as the potential gaps in controls and their subsequent implications.
History of the Retail Industry
The retail industry has a long and complex history, with significant ups and downs throughout the years. The earliest form of retail can be traced back to ancient civilizations, where traders would sell goods in open-air markets. Over time, these markets evolved into more permanent structures such as bazaars and marketplaces (Cantrell et al. 2020).
The modern retail industry began to take shape in the late 19th century with the rise of department stores. These large-scale stores offered a wide range of products under one roof, making shopping more convenient for consumers. The first department store was opened by Aristide Boucicaut in Paris in 1852, followed by other notable retailers such as Macy's and Selfridges.
The mid-20th century saw the rise of discount stores such as Walmart and Kmart, which offered lower prices than traditional department stores by cutting costs on overheads. This led to a shift in consumer behavior towards price-conscious shopping (MacKenzie, 2013).
In recent years, the retail industry has been disrupted by e-commerce giants such as Amazon. Online shopping has become increasingly popular due to its convenience and competitive pricing. This has forced traditional
ick-and-mortar retailers to adapt, or risk being left behind.
Employment Factors
The retail industry is a significant employer, and both employees and employers have different factors to consider when it comes to employment. From the employee's point of view, job satisfaction and engagement are essential factors that influence their decision to stay in a job. Employees want to feel valued and recognized for their contributions. They also seek value and purpose at work. The nature of work has changed over time, with some contingent work being precarious from the worker's perspective (Booth & Hamer, 2007).
From the employer's point of view, policies on employment and turnover are crucial in retaining employees. Employers need to identify factors that influence overall employee satisfaction and engagement in the workplace. Retail companies need to provide a human employment value proposition that recognizes the value of their employees while providing them with value on a human level (World Economic Forum, 2016).
The retail industry is evolving, and employers must adapt to these changes. The future labor market will require companies to focus on both consumers' needs as well as employees' needs. Retail companies must create an environment where employees feel valued, respected, and supported. This can be achieved by offering competitive salaries, benefits packages, training programs, career development opportunities, flexible schedules, and other incentives.
The Impact of Technology on Retail Accounting Practices
The retail industry is a vast and complex sector that requires careful accounting practices to ensure financial stability and growth. Retail accounting involves tracking sales, inventory, expenses, and profits to make informed business decisions. The retail accounting method is unique in that it relies on the...
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