Risks & Internal Controls Sylvia Case Study

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Describe 2 internal control procedures and explain how the company could use these internal control procedures to protect itself from the risks you have identified in part (a) above.

Demanding that all merchandise be accounted for, even so-called unsellable garments, is essential. If there is a discrepancy between the garments sold to the stores and the inventory sold to Sylvia, she must explain why and produce evidence (in the form of a record of all unsellable merchandise), and the manufacturer should be contacted for verification that a complaint was issued regarding the garments. Secondly, Sylvia must keep receipts for all of her expenses and submit them, but there should also be independent audits -- for example, the company could call up the restaurants and establishments she frequents, to verify that she indeed had reservations and ate there.

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or, the company could specify what types of transport and what places she could use, and force her to account for any deviation beforehand to a more expensive alternative (such as a late connection on a train, etcetera). Also, any unusually high spikes in expenses should be monitored, and Sylvia should be forced to account….....

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