Case 3. 5 Goodner Siblings, Inc.

 Case several. 5 Goodner Brothers, Inc. Essay

п»ї1. List what you believe that should have recently been the three to five crucial internal control objectives of Goodner's Huntington sales business office.

The Goodner Brothers, Incorporation. case can be an example of the moment company profits derived from management's culture facilitated weak interior controls which in turn allowed workers to make serious fraudulence. " Goodner's' executives preached one prominent theme with their sales personnel " volume level, volume, volume level. " The Goodner Organization in an effort to undercut its reduce operating expenditures primarily linked to internal controls. " Goodner's gross earnings margin proportioned 17. four percent, substantially below the suggest gross income margin of 24. 1 percent for identical tire wholesalers. To compensate due to its low low profit perimeter. Goodner scrimped on functioning expenses, which include expenditures upon internal control measures. " Five key internal control objectives the Goodner's Huntington sales office were needs to have implemented will be; a. Segregation of duties between personnel that begin, approve and record transactions. Woody Johnson was given total access to the Goodner Huntington sales workplace accounting system. Nearly all revenue representatives had access to the accounting system, inventory and customers requests. b. Monitoring of products on hand, management in Goodner Huntington facility should have monitored inventory more often than once a year. This kind of infrequent products on hand monitoring allowed Woody to perpetrate fraud unimpeded for a lot longer than if administration was performing monthly or at least quarterly products on hand counts. c. Authorization, managing should have a new authorization upon transactions procedure in place to oversee and approve the flow of transactions. g. Physical settings over products on hand, with a publication inventory of nearly 650 dollar, 000 the Goodner Huntington facility really should have had even more stringent security and limited access. elizabeth. Independence, Goodner should have outside independent persons doing a reconciliation of transactions and inventory.

2 . List the key internal...



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