(1) identify the potential control issues/threats/weaknesses and (2) recommend applicable control procedures. The COO,...
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Accounting
(1) identify the potential control issues/threats/weaknesses and (2) recommend applicable control procedures.
The COO, Isaah has sent you the following email: Ive been reviewing our preliminary monthly financials and Im concerned about the dollar amount that we have in our cost of sales account. Our business is stable and we dont have any seasonality, but it looks like this month our balance in this account has increased and its certainly having an impact on our margin. I talked to our production manager and he said there were no labor overages this month and production ran smoothly. He did mention that we had a few special orders this month requiring the purchase of some items we dont necessarily keep in stock. Can you let me know your thoughts regarding how we might manage this better in the future? Thanks for your prompt reply.
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