Question: 1. Consider the roles, work flows, and control environment for this company. What kinds of changes could be made to avoid breakdowns in internal controls

1. Consider the roles, work flows, and control environment for this company. What kinds of changes could be made to avoid breakdowns in internal controls in the future? (Remember, this is a small company with restricted resources that cannot just hire another person to help solve the problem. Your response should identify weaknesses in the internal control system and discuss proposed changes that could help improve it.) 2. Discuss the impact of the owner's handling of this situation on all the parties involved, including his other employees. Had you been in the owner's shoes, would you have done anything differently? If you had been the consultant (me), what other possible outcomes would you have suggested to the business owner? (Include your opinion on whether justice was served in this situation, and whether it was appropriate for the owner to involve the bookkeeper's parents. Did a somewhat merciful response by the owner waste an opportunity for social justice? Who do you think paid the price for this fraud?) 1. Consider the roles, work flows, and control environment for this company. What kinds of changes could be made to avoid breakdowns in internal controls in the future? (Remember, this is a small company with restricted resources that cannot just hire another person to help solve the problem. Your response should identify weaknesses in the internal control system and discuss proposed changes that could help improve it.) 2. Discuss the impact of the owner's handling of this situation on all the parties involved, including his other employees. Had you been in the owner's shoes, would you have done anything differently? If you had been the consultant (me), what other possible outcomes would you have suggested to the business owner? (Include your opinion on whether justice was served in this situation, and whether it was appropriate for the owner to involve the bookkeeper's parents. Did a somewhat merciful response by the owner waste an opportunity for social justice? Who do you think paid the price for this fraud?)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
