Unit 2 Responses

Unit 2 – Discussion Board

Accounting for Managers(ACG510-2401B-02)

TM

Tammie Merkel

INSTRUCTOR

Jami, thanks for posting. You are correct in that one person having all the controls would be considered weak internal controls and an auditor will definitely bring this issue up. 

Response: Arneisia Mccutcheon

Hello Jami,

Your post was very informative & provided a lot of information about this week’s topic. I actually was able to view the topic from a whole different perspective due to the specifications that you have provided. I totally agree when you stated, one person having control over the duties of accepting cash payments, making deposits and bank reconciliation makes for a very weak internal control system. Often times there has been a better success rate when you are able to provide an actual paper trail of events, this will help identify protection.

Response: Jacquelyn Evans

Greetings everyone – 

An internal control review is a critical process within organizations. This is process is designed to assess the effectiveness and efficiency of internal controls to help safeguard assets, ensure accuracy of financial reporting and compliance with regulations.

In the context of the cashier’s office, where cash transactions are frequent and significant, a robust internal control structure is imperative to mitigate risks, potential errors, fraud and misappropriation of funds.

One approach is to incorporate checks and balances with the segregation of duties to prevent a individual from having total control over all aspects of a transaction. For instance each employee would have distinct roles, such as cashier, cash reconciler, supervisor and auditor.

The cashier is responsible for processing cash transactions, receiving payments and issuing receipts. 

The cash reconciler would verify the accuracy of daily cash receipts against transactions recoded in the system, reconcile discrepancies and prepare the bank deposit.

The supervisor’s function is to oversees the activities of the cashier and reconciler, ensure adherence to policies and procedures and provide approvals for exceptions and or adjustments.

The auditor would conduct periodic reviews of the internal controls, perform spot checks on transactions and investigate any anomalies or irregularities. 

By segregating the duties, the organization can reduce the risk of errors and fraud, enhance accountability and strengthen the overall control environment (Smith & Jones, 2020)

Reference:

Smith, A., & Jones, B. (2020). Strengthening Internal Controls: The Role of Segregation of Duties. Journal of Accounting and Finance, 15(2), 45-62.

Response: Sahanna Stubblefield

Hello class, 

Internal control is a process. It is intended to prevent errors, irregularities and identity problems. When dealing with internal control, it is vital to ensure that corrective action is taken. Internal control is expected to provide only reasonable, not absolute, assurance to and entity’s management and board. 

One way to handle internal control in a work place is to assign different duties and tasks to employees, but to also ensure that everyone can preform each and every task needed. For instance, if two employees are on the clock as a cashier and cook, one should be able to work the register, take orders, payments and make sure the customers get exactly what they ordered. As the cook, it is both the cashier and cooks responsibly to make sure orders are done in a timely manner at the customers request.  Team work is necessary, but it is a requirement to perform or have internal control in every work place. If both employees are signed in on a register, it is important to be signed in under your name with your correct information to avoid any problems or issues. If the register is short and both employees were signed in, both employees could be held accountable. 

 Unit 2 – Discussion Board

Employment Law(MGT555-2401B-02)

Response: Ernest Jackson

Interpret the Legality of the Questions That the Office Manager Asked Marsha

According to Marsha’s case, the questions asked by the manager were illegal. For instance, the manager inquired about how many kids she had and how old they were. The manager asked whether she was planning to have more children and what her husband did for a living. All the above questions asked by the manager were inappropriate and personal, and they did not determine whether Marsha would qualify to be a receptionist. Interviewers must ask legal questions about applicants’ qualifications for a specific job. Henceforth, asking personal questions is illegal, and applicants such as Marsha are not obliged to answer them.
Provide Examples and Discuss the Types of Questions That Are Legal to Ask During Interviews
Interviewers can ask various legal questions during interviews. For example, what skills do you have to be the best candidate for this position? Why would you want to work for this company? Are you a team player? What are your educational qualifications? Tell me about yourself.  Where do you see yourself in five years? Why did you leave your previous position? What are your expectations in terms of allowances and salary? Are you ready to travel if you are required to? Are you prepared to work overtime?
 These are some of the legal questions that can be asked during an interview and mainly focus on an applicant’s qualifications. Consequently, such questions will let the interviewer know the best applicant to offer the position. In addition, according to Roulin et al. (2019), offering interviewers training is essential. It would enable them to ask appropriate, vital interview questions, eliminating bias and promoting organizational diversity. Altogether, questions asked during job interviews are crucial because they allow companies to acquire top-notch employees, leading to a company’s growth and success.

Reference
Roulin, N., Bourdage, J. S., & Wingate, T. G. (2019). Who is conducting “better” employment interviews? Antecedents of structured interview components use. Personnel Assessment and Decisions, 5(1), 2.

Response: Andrea Graham

The questions the officer manager asked Marsha about children, age of the children, and if she planned on having more children was not only unethical, but illegal. The question violates the Title VII Civil Rights of 1964, which created the Equal Employment Opportunity Commission, (EEOC).  According to the EEOC, it is illegal to ask the number of children you have, the age of your children of if ou have future child bearing plan or employment of a spouse(“Pre-employment”, n.d., para. 4).

It was also illegal to ask what her husband did for a living. Asking this question has nothing to do with Marsha’s ability to perform the job at hand. This question could possibly lead to a discrimination lawsuit.

In my opinion, here are some legal questions that the office manager could or should of asked:

Questions about work:

“Can you work overtime?”

“Is there any reason you can’t start work at 8?”

Questions about attendance/availability

“Are there any activities or commitments that may prevent you from meeting the attendance requirements?”

Reference:

U.S. Equal Employment Opportunity Commission (EEOC).(n.d.). Pre-employment injuries and marital status or number of children