Physical constraints employed by Bellagio include locked cash boxes on the casino floor, daily cash and coin counts, constant observation and supervision and constant computer monitoring. Administrative controls were also put into place. Personnel who dealt with cash directly such as change personnel, coin redemption personnel, cashiers and chip fill bank personnel were individually accountable for the money charged out to them. They were charged to give back the exact amount given to them. Large shortages or persistent patterns of shortages were reasons for dismissal.
Analyzing casino money handling processes Final Project Paper: Bus 566 –Operations and Supply Chain Management Abstract In all matters that involve handling large amounts of money, security is always a key concern from the receipt of money to its transportation, numerous security threats exist which might result in the disruption of normalcy, loss of assets and other administrative consequences. Casinos are common sites where the issue of maintaining high levels of security is taken very seriously. The security measures and processes adopted in most casinos seek to protect the proceeds in the establishment from conmen and thieves, protect the customers and reduce cases of violent crime and inappropriate/ unethical behavior. Typically, casinos handle relatively large quantities of cash and this often lures most of the customers and employees to commit crimes. Introduction The process of handling and transporting casino money is extremely delicate.
You would need to include all employees who handle cash on the application. They would go through screening by the insurance company and be held legally responsible for any misuse of funds found. You should establish vacation requirements and rotation of duties. You could have a part-time accountant be required to fill for both the accountant and the treasurer whenever they are out on some required vacation. LBJ Company is handling the physical control of payroll checks accurately as all checks are being safely secured in
For example, the executive director of the agency has to exercise strict control and regulation over all lottery games being operated in Texas. This is to ensure integrity, honesty, security, and fairness. The commission also licenses lottery ticket sales agents who are then referred to as retailers hence they carry out investigations into the criminal past of possible licensees. They utilize records from the Federal Bureau of Investigation and Texas Department of Public Safety. Additionally, money collected above the operating expenses will be converted to revenue and then transferred to the unobligated division of the General Revenue Fund of state (Ghent & Grant, 2010).
Many times companies break accounting procedures and falsify their financial statements in order to please both internal and external users. Even though this is a violation of the SOX act of 2002, corporations still chose to engage in these activities. The final thing we learned about is the ethical decisions made behind financial reporting. The AICPA Code of Professional Conduct was put in place to make sure companies have a standard to follow when creating financial statements. Legality Financial reporting activities and standards Earnings management has been used as the manipulation of the current standard of financial reporting established by G.A.A.P.
This report will explain how all three conditions were present in Anna’s actions, how Max and Company failed to uphold quality, and describe Anna’s background. Body In the Maxwell case three elements where present that allowed fraudulent activities to occur in the Rusher Automotive company. The first element discovered was opportunity. Maxwell & Company assigned one accountant, Anna Thomas, to this client, Rusher Automotive. Anna did all bookkeeping work, recording journal entries, preparing checks for bills financial statement reporting for this client and she also did regular daily work like taking the deposit to the bank for the client.
Again, some may say it depends on what the personal errands are, what type, how often, or if it takes away from the employees job responsibilities. Between the years of 1981 through 1993, a Municipal court judge Gary J. Davis, from the city of North Las Vegas, Nevada, conducted personal business from his judicial chambers. He was building in storing antiques throughout the courthouse. He was also selling those antiques to court employees and other people he came in contact with at the courthouse. In order to move those antiques in and out the court house, he directed city employees in jail trustees to move them.
Moreover, there have been some irregularities, including the dismissal of one of our employees who was a child molester and used LJB computers while at work for said purpose. 2. INTERNAL control requirements UNDER SARBANES-OXLEY ACT According to Sarbanes-Oxley Act it will have to comply with several internal control requirements stated in the act. The company must ensure that it counts on reliable and effective controls required by law to maintain an adequate system of internal control. Moreover, the law provides that independent outside auditors attest the adequacy of the internal control system.
Issues in Management Accounting Bellagio Casino Resort Word count 1064 Introduction Based on my assessment of the management control systems used by the Bellagio Casino Resort, it illustrates a control system that is dominated by action and personal controls, rather than result controls. An analysis of this system reveals some insights of some of the factors that limit the practicality of result controls. This paper will identify the types of control devices used by Bellagio Casino Resort. It will focus on three roles at three levels of authority in the casino – blackjack dealers, pit bosses, and the vice president of the table games. It will characterise the “control strategy” (example tight versus loose) used over each of these roles.
Mainly stressing the arguments of overall affect, party that gains from it, and being legal or illegal. First off speaking on gambling being a national issue, using the U.S as a prime example. The U.S has an issue with gambling being legal because, the federal government continues to regulate gambling on tribal land. The Aboriginal land that is rightfully theirs is being taken away to build Casinos. Also as internet gambling is expanding there can be serious interstate and international problems, when people use their personal computers connected to state lines to gamble across the world.