The We Can Do Nothing Right Company just won an award for having the worse Internal Controls in their industry.

Required:
For each of the situations below, indicate what The We Can Do Nothing Right Company should have done to avoid their loss:

A. The Company's Bookkeeper stole $68,000 and has disappeared and cannot be found. The Company will have to take the entire $68,000 as a loss

B. The Company had one client that wanted solid gold picture frames. When the gold shipment was received, the gold was given to the Accounting Manager who is responsible for recording all the inventory entries. The Accounting Manager left the Company and has not been heard from
in over a month. The Company just found out that the gold is missing

Answer rating: 100% (QA)

Solution It is noticed that the company lacks an internal control ... View the full answer