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16 Jan
2020

Evaluate the company’s processes and… | Good Grade Guarantee!

You are recently employed as an internal auditor at Giant Eggplant, a fruit and vegetable market inRowville, Victoria. Giant Eggplant offers a range of agricultural, dairy and bakery products from localfarms and bakeries. The company currently has 25 employees. These includes sales staff, storesupervisors and administrative staff. The general manager of Giant Eggplant has recently noticed adecline in sales and profit while the purchases of products for resales continued to rise and you arecommissioned to evaluate the company’s processes and procedures for revenue and expenditurecycles.Revenue CycleCustomers push their shopping carts to the checkout counter where a sales staff processes the sales.The company has five registers but they are not dedicated to specific sales staff because they playmany roles in the day-to-day operations. In addition to checking out customers, sales staffs will stockshelves and perform other tasks as demand in various areas throughout the day. This fluid workdemand makes the assignment of sales staffs to specific registers impractical.At the beginning of the shift, a store supervisor collects five cash register drawers from the financeclerk in an office at the back of the market. The drawers contain $100 cash in coins and small bills(known as float) to enable the sales staffs to make change. The supervisor signs a log indicating thathe/she has taken custody of the float and places the drawers into the respective cash registers.Sales to customers are for cash and credit card. Credit card sales are performed in the usual way. Thecustomers tap the credit card on the EFTPOS terminal located in front of the register and enterpassword if required. Receipts of the purchase and of the credited card transaction are provided tothe customer after the completion of the transaction.

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