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https://www.coursehero.com/file/p7vn73h/Running-head-Discussion-Board-2-5-Required-Provide-the-Trubeys-with-an-overview/
Attempt to impress the Trubeys with your understanding of internal control issues for small retail businesses. Internal control issues in a jewelry store involve keeping inventory safe, keeping cash safe, and protecting all accounting records. One way of controlling inventory, is to keep every case containing jewelry locked, with only authorized personnel having keys to them. Any jewelry not in …
https://www.coursehero.com/file/p2ohg8n/3-Provide-the-Arbeitmans-with-an-overview-of-the-key-internal-control-issues/
Provide the Arbeitmans with an overview of the key internal control issues they will face in operating a jewelry store. In your overview, identify at least five control activities you believe they should implement if they acquire the store. You have never had a jewelry story as a client but you have several small retail clients.
https://brainmass.com/business/internal-controls/key-internal-control-issues-89688
Key internal control issues 3. Assume that you have a small CPA firm and have been contacted by a husband and wife, John and Myrna Trubey, who are in the final stages of negotiating to purchase a local jewelry store. John will prepare jewelry settings, size jewelry for customers, and perform related tasks, while Myrna will be the head salesclerk.
https://www.chegg.com/homework-help/assume-small-cpa-firm-contacted-husband-wife-john-myrna-trub-chapter-3.2-problem-3q-solution-9781111792596-exc
Required: Provide the Trubeys with an overview of the key internal control issues they will face in operating a jewelry store. In your overview, identify at least five control activities you believe they should implement if they acquire the store. You have never had a jewelry store as a client, but you have several small retail clients.
https://www.withum.com/wp-content/uploads/2014/05/The-Consumer-Code-Internal-Controls-in-a-Retail-Store.pdf
Strong internal controls are an important component in helping Retail Store Businesses reduce possible fraud usually caused by employee theft and customer shoplifting. Smaller businesses are especially susceptible to have higher shrinkage than larger companies. Shrinkage cannot be totally eliminated, but can be substantially reduced
https://www.smartsheet.com/retail-store-operations
Losses from shoplifting and fraud can be significant, including by organized rings and scams, so stores need to be vigilant and find problems quickly if they do occur. Internal controls: Stores develop and maintain internal controls, or standard operating procedures, to prevent problems with cash handling, credit, shoplifting, and fraud. These controls help to prevent money or inventory theft.
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