Accounting information systems and auditing.
Introduction.
Internal controls are essential in any business organisations handling of funds especially where money in the form of cash, cheque or credit cards is used for the exchange of goods as well as services. The main objective of internal controls in business organisations is to make sure that the business entities receive all of their income without part of it being siphoned off either by means of fraud, waste, untrustworthy employees or even through mere carelessness. According to Kieso and Warfield ( 2005, 259), even business organisations that are healthy in all other aspects can also be very vulnerable to internal failures as a result of lack of internal controls. The set up of appropriate internal controls for any particular business is therefore of great importance (Kieso & Warfield, 2005 -270),
Denver entertainment P/C therefore needs proper internal controls over the sales of tickets to customers who are interested of their entertainment services. This will ensure reliable financial reporting, efficient as well as effective business operations and compliance with the existing businesses laws as well as regulations. The organisations’ assets will also be safeguarded against fraud as well as unauthorised acquisitions or disposals. In respect to the internal control required in sales of entertainment tickets made for cash of even card payment by customers, several documents and processes as well as records needs to be available for use in the ticketing system. The cash sales as well as card payment ticketing system should be properly accounted for in the books of accounting right from the initial purchase by the customers up to the final recording of the made transactions in the accounting records of Denvers Entertainment Company
The principal documentation processes and records that are likely to be in place in the box office ticketing system.
The accounting documents that needs to be put in...