internal control Read the IMA Case, Lack of Internal Controls: Beaumont Independent School District, and choose one of the following schemes: Lack-of-Internal-Controls-Beaumont-Independent-School-District Case.pdf Booster Club...

80.2K

Verified Solution

Question

Accounting

internal control
Read the IMA Case, Lack ofInternal Controls: Beaumont Independent School District, andchoose one of the followingschemes:
Lack-of-Internal-Controls-Beaumont-Independent-School-DistrictCase.pdf

Booster Club Fund

Medical Magnet Program tuition funds and studenttranscript fees,

Cash funds and scholarship donations,

Catering ad food service, and

Printing services provided by Brian Collins, BISDemployee Patricia Adams Lambert’s son.

Answer the following questions for the schemeselected:

Use specific examples to identify weaknesses thatexisted in the internal control environment at BISD. Based on theidentified weaknesses, what improvements to the control environmentwould you recommend?

List and discuss several control activities that couldhave been used by BISD to prevent and/or detect themisappropriation of funds perpetrated by Patricia Lambert. Pickmore than one scenario, and discuss how the control activitieswould be applied in each scenario.

Do you think BISD has effectively identified riskssurrounding purchases from vendors and cash receipts? Identifythese risks, and suggest procedures that should be implemented inresponse to those risks

Post Requirements:

Answer & Explanation Solved by verified expert

4.3 Ratings (966 Votes)

There are several weaknesses that exist in the internal control environment at BISD Firstly there is a complete lack of control with regards to authorization of transactions There are no levels of authority and hence Lambert is using this gap to get benefits from inappropriate spending Secondly there is an absence of formal ethical policy and procedures There are no clear guidelines with regards to integrity and ethics and as a result Lambert See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member