Question

Oscar Lights is a wholesale lighting contractor selling to residential building contractors. The company has very few staff members, so the bookkeeper collects all payments on account, makes the bank deposits, writes checks to pay all accounts payable, and reconciles the bank statement at the end of the month. The company also fails to count inventory on a regular basis.

Required
Discuss any internal control weaknesses in the company and suggest possible solutions.



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  • CreatedMarch 11, 2015
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