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Rainbow illusion case analysis
Course Name
Course Date
Student’s Name
Rainbow illusion case analysis        1
Contents
Executive Summary    3
Introduction    3
Strengths and Problems faced by the company:    3
Situational pressures in an organization that will increase theft and fraud:    5
Distributed computing system and Centralized computing system    6
Conclusion    7
References    7
Executive Summary
The case here emphasizes on a company which is called the Rainbow illusions, which is a 30-store retail chain which is located in New South wales and Victoria and the company sells ready to wear clothes for the young females. There are several strengths that has been presented in this case. This includes separation of duties between salesperson and cashier, cash register mechanically assigns a consecutive number to the transaction, cash receipts separate from accounting records, supervision, daily review and reconciliation of the sales invoices, cash, bank cards, check sales, and returns against the cash register totals are some of the strengths that has been presented in this paper. We have also analysed few problems and two major situational facts of the company. These are some of the aspects that has been considered in the case study.
Introduction
The case here emphasizes on a company which is called the Rainbow illusions, which is a 30-store retail chain which is located in New South wales and Victoria and the company sells ready to wear clothes for the young females. Each of these stores has full time manager and the assistant manager, apart from that the store also has the cashiers and store personnel in the store who are paid on the hourly basis. The company uses different kinds of unsophisticated cash registers.
In this case analysis, we would be giving a analysis of different aspects which includes the analysis of the strengths of the company which has helped in improving the work flow, processes, risk and other internal controls of the country. We would also be analysing the problems that the company would face in incorporating the control measures. Apart from this we would also be identifying the situational pressures in a company that would increase the likelihood of fraud. We would also be explaining why the company choose to install a distributed computer system rather than choosing a centralized computer system.
Strengths and Problems faced by the company:
Separation of duties between Salesperson and Cashier. The separation of duties between the cashiers and sales staff in regards to completing and entering the sales invoices and returns
This strength helps prevent fraud, invoice errors, and theft. For example, the segregation of the salesperson and cashier duties prevents one person from changing prices, charging people for items they did not receive or producing false sales to increase commission. Also, having two different people involved in the transaction helps catch errors. For example, if the salesperson marked the customer for 20 items when they only wanted two items, the cashier could catch that. The separation of duties mitigates opportunities for theft and fraud. Since the sales invoice is started by the sales staff and goes to the cashiers, it provides more internal control and avoids potential invoicing errors using a checks and balance process; sales invoice copies are retained in the sales book while the other is forwarded to the cashier who reviews and enters the invoice and inputs it in the system.
Since the returns process is done in the same way but in reverse, it also minimizes opportunities for theft and fraud.
Cash register mechanically assigns a consecutive number to the transaction. Automatic assigning of sequential numbers to the sales invoice when the cashier inputs the sale into the system.
This strength helps eliminate theft and avoids undetected loss of an invoice. It also provides an audit trail. For example, the sequential numbering done by the register prevents an employee from removing a transaction without notice. Also, if one of the transactions is lost it will be noticed right away because a transaction will be missing from its order. Avoids auditing issues since it provides an audit trail of the sales and transactions. Minimizes the opportunities for theft and avoids the potential for missing or lost invoices.
Cash receipts separate from accounting records. Utilization of duplicate sales invoices Jem Clothes, Inc. has salespeople use, which one copy is given to the cashier and the other copy is retained in the sales book.
This strength prevents an employee from stealing a cash receipt or destroying it and changing the accounting records. For example, if the store manager had access to both the receipts and accounting records they could pocket the cash and change the records so that there was no evidence of the sale. It would then be easy to write-off the merchandise as theft by a customer. Avoids the possibility of a lost or omitted invoice. It provides an...