Best Tiles Limited (BTL) sells clay tiles to the construction industry and has been in existence for the last four years. During this period, the financial controller has been refining the system of internal control and informs you that he has put together an internal control manual for the company. He has stated that this manual will create greater awareness of controls in the company, particularly with management which, in the past, has not been overly conscious of the need to implement and enforce effective internal controls.
Management staff receive bonuses based on certain agreed-upon target ratios which include measures such as targeted monthly sales volumes, variance of actual to budget departmental overheads and profit before interest and tax. The major shareholder takes an active interest in the performance of the company and is quick to request explanations on variances from the agreed-upon monthly budgets.
Two years ago, the company devoted significant time and resources to the development and implementation of a new IT system. All teething problems associated with the implementation phase have now been resolved and the financial controller is satisfied that the automated controls in place are assisting in producing accurate and complete accounting records. The sales director also looks after the IT function as the position is not regarded by management to be a full-time job. Once application programs have been tested, strict password control exists over access to the programs. Passwords are not required for access to databases.
The following information has been extracted from a review of the systems notes in the permanent file and perusal of the new internal control manual:
3. Identify and briefly discuss ten (10) weaknesses in internal control for sales and trade receivables that you would bring to BTL management’s notice in your management letter.(10
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