ACCT202 - DVHA - Accounting II - Essay Example

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Observations have been made as well verification of documents and analysis of certain procedures. Apparently, there is lack of control in some areas which highly encourage commitment of fraud. Herewith are my…
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ACCT202 - DVHA - Accounting II
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03 December 8, 2009 General Manager Golden Bear Construction Company Sir: I have dutifully conducted a careful auditing of your company. Observations have been made as well verification of documents and analysis of certain procedures. Apparently, there is lack of control in some areas which highly encourage commitment of fraud. Herewith are my findings which should be taken seriously :
1. Based upon my observation, the supervisor has a high degree of authority in many areas such as recruitment, recording of time sheets as well as payroll which should be done by an HR.
Since the supervisor has control of all the process in doing a payroll as well as disbursing paychecks to employees, there is a possibility that untoward incidents such as fraud can happen.
It is recommended then that the management hire additional personnel who can perform HR functions. Supervisors must not handle any monetary or financial concerns. In the existing case, the supervisor can report a bigger payroll (compared to actual ) to the accountant which is a situation we must avoid. Fraud is a serious matter, in fact a criminal offense. However, it is mainly the management’s responsibility to impose policies and set guidelines for its employees. Control features such as daily cash report and periodic audit must be institutionalized so that the company’s financial interest would be protected.
I am very willing to discuss any matter which needs additional clarification. Thank you for trusting my services. Read More
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