You are recently employed as an internal auditor at Giant Eggplant, a fruit and vegetable market…

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You are recently employed as an internal auditor at Giant Eggplant, a fruit and vegetable market in

Rowville, Victoria. Giant Eggplant offers a range of agricultural, dairy and bakery products from local

farms and bakeries. The company currently has 25 employees. These includes sales staff, store

supervisors and administrative staff. The general manager of Giant Eggplant has recently noticed a

decline in sales and profit while the purchases of products for resales continued to rise and you are

commissioned to evaluate the company’s processes and procedures for revenue and expenditure

cycles.

Revenue Cycle

Customers 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 play

many roles in the day-to-day operations. In addition to checking out customers, sales staffs will stock

shelves and perform other tasks as demand in various areas throughout the day. This fluid work

demand 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 finance

clerk 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 that

he/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. The

customers tap the credit card on the EFTPOS terminal located in front of the register and enter

password if required. Receipts of the purchase and of the credited card transaction are provided to

the customer after the completion of the transaction.

Attachments:

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