Read the following text and then respond to the prompt below. Liu Yanlin a telle
ID: 2376757 • Letter: R
Question
Read the following text and then respond to the prompt below.
Liu Yanlin a teller at Changlu Agricultural Bank seemed to be a model employee. She enthusiastically accepted a wide variety of responsibilities and actively sought to expand her knowledge about every possible aspect of the bank business. She rarely took a day off, even when she was sick, and routinely worked late into the night in her words just to make sure that all of the day%u2019s work was properly recorded in the accounting records.
As a teller, Liu Yanlin recorded many of the bank transactions in the accounting records herself.
Realizing that the bank had gone several years without an audit, the bank manager hired two certified public accountants (CPAs) Mr. Zhang and Ms. Chen to perform one. The idea that an external audit was necessary seemed to personally offend Liu Yanlin, and she insisted that everything had been properly accounted for. Nevertheless, Mr. Zhang and Ms. Chen performed the audit.
The audit revealed some very serious problems: Most notably, more than $100,000 was either missing or improperly accounted for. A number of adjustments had been made to customer accounts with credit memorandums. Also, many transactions had been posted late several days late, in fact. Finally, the audit revealed some unusual cash payments, listed as Coffice expenses. Clearly, Liu Yanlin was an embezzler. The bank president, who considered Liu Yanlin a close friend, was devastated.
You are one of the CPAs that performed the audit at Changlu Agricultural Bank, and you must now prepare a written memo to the bank president. With tact and professional courtesy, explain how the money went missing. Then, outline the procedures that the bank should follow in order to prevent the incident from recurring in the future.
need someone to write atleast a 600 words in length paper about this!! why i am offering 3,000 points!!
Explanation / Answer
MEMORANDUM
To: The President,Changlu Agricultural Bank
From: Zhang,certified public accountant
Date: August 14, 2013
Re: Improperly accounting
____________________________________________________
I would like to inform you that there is a roblem with the record of company accout.Some data are not correctly recorded .More than $100,000 was either missing or improperly accounted for.A number of adjustments had been made to customer accounts with credit memorandums. Also, many transactions had been posted late several days late, in fact.Also the audit revealed some unusual cash payments, listed as Coffice expenses.
kindly take some necessary steps to avoid these types of problems.
The bank should follow some of these security steps:
1)all the records should be checked by two or three levels;
2)Audit should be done by every month;
3)Strict action policy should be made for corrupt people;
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