Rainbow Illusion is a 30-store retail chain concentrated in New South Wales and Victoria that sells ready-to-wear clothes for young females. Each store has a full-time manager and an assistant manager, both of whom are paid a salary. The cashiers and sales personnel are typically young people working part-time who are paid an hourly wage plus a commission based on sales volume. The company uses unsophisticated cash registers with four-part sales invoices to record each transaction. These sales invoices are used regardless of the payment type (cash, cheque, or bankcard). On the sales floor, the salesperson manually records his or her employee number and the transaction (clothes, class, description, quantity, and unit price), totals the sales invoice, calculates the discount when appropriate, calculates the sales tax, and pre- pares the grand total. The salesperson then gives the sales invoice to the cashier, retaining one copy in the sales book. The cashier reviews the invoice and inputs the sale. The cash register mechanically validates the invoice, automatically assigning a consecutive number to the transaction. The cashier is also responsible for getting credit approval on charge sales and approving sales paid by cheque. The cashier gives one copy of the invoice to the customer and retains the second copy as a store copy and the third for a bankcard, if a deposit is needed. Returns are handled in exactly the reverse manner, with the cashier issuing a return slip. At the end of each day, the cashier sequentially orders the sales invoices and takes cash register totals for cash, bankcard, cheque sales, and cash and credit card returns. These totals are reconciled by the assistant manager to the cash register tapes, the total of the consecutively numbered sales invoices, and the return slips. The assistant manager prepares a daily reconciliation report for the store manager’s review. The manager reviews cash, cheque, and credit card sales and then prepares the daily bank deposit (credit card sales invoices are included in the deposit). The manager makes the deposit at the bank and files the validated deposit slip. The cash register tapes, sales invoices, and return slips are forwarded daily to the central data processing department at corporate headquarters for processing. The data processing department returns a weekly sales and commission activity report to the manager for review.
Prepare a report to Chief Executive Officer of Rainbow Illusion to evaluate its processes, risks and internal controls for its revenue cycle. In your report, you need to include the following items:
• Identify six strengths in Rainbow Illusion’s system for controlling sales transactions.
• For each strength identified, explain what problem(s) Rainbow Illusion has avoided by incorporating the strength in the system for controlling sales transactions
• Identify two situational pressures in a company like Rainbow Illusion that would increase the likelihood of fraud. • Explain why some companies would choose to install a distributed computer system rather than a centralised one.
"The uncommon exhaustiveness of Kautilyas' work, its prominent inductiveness and viable character, its resolute rationale, lack of regard of extrinsic good or religious standard and its extensive variety of subjects and interests gave it a remarkable blend of features.." - D.R.Bhandarkar In Indian history, the hundreds of years to come and that cruised by, are recorded numerous incredible people and amazing characters who molded time through their exceptional deeds and their perfection in each ability. However, among of them, Kautilya might be the just a single identity who has been regarded and acknowledged as a splendid individual by Indian researchers as well as western Scholars as well. Kautilya was incredible political logician and mastermind. We have been portrayed as an extraordinary educator, canny statesman, dedicated nationalist, profound mastermind, merciless head, ace strategist, benevolent parsimonious, perfect savant and genuine saint. He is called all-rounder since he got dominance in every one of the parts of learning. He was knowledgeable in business, fighting, Politics, Economics and Vedas. He lived around the third century B.C. however, even today his thoughts and standards demonstrate importance and pertinence in the present day society. He is an authentic achievement really taking shape of India. Kautilya is the best individual with astuteness and information. He is respected pioneer in the field of Economics. The credit of foundation of Mauryan Empire goes to the prescience and learning of Kautilya. He was a key counselor and councilor of Chandragupta Maurya, the originator of Mauryan Empire. "This realm was not simply made out of various irrelevant locale united under single sceptra; it was a genuine unit dependent on normal government which wherever settled the lord's position as well as people in general good. Kautilya was boss modeler of his ascent to control so he is called kingmaker as well. A man brimming with vision; he was constantly arranged for the most noticeably bad. He had the guts to talk his heart out even before the rulers. He himself lived such a real existence, rejecting all enhancements, empathy towards poor people and insidiousness to trickery when required which demonstrates a portion of his great attributes of nature. Kautilya was an educator at the University of Takshashila which is situated close Peshawar in Pakistan. He was the primary man to imagine the principal Indian Empire by unification of the different little kingdoms in the Indian subcontinent. His noticeable works are Nitishastra, Chanakya Niti and Arthashastra. Among these, Arthshastra was generally vital. He thought about financial movement as main impetus behind the working of any political activity. Kautilya was a genuine scholar who crossed over any barrier among information and vision. For Kautilya, great administration was preeminent. LIFE SKETCH OF KAUTILYA – Lamentably There isn't certainity about the day and age of the Kautilya So, subtleties of his introduction to the world and life are not reliable and we need to depend on convention. The normal time of the Kautilya is from 350-283 B.C.E. There are not very many genuine chronicled realities about his introduction to the world and demise with the exception of that he caused Chandragupta to mount the honored position, to fortify his domain and to join the Indian states for battling against Alexander of Macedonia around 327 B.C.E. Chandragupta Maurya built up the Mauryan Empire in the year 321 B.C.E. Kautilya was likely conceived around 350 B.C.E. This demonstrates Kautilya was junior contemporary of Aristotle (384-322 B.C.E.). There is no evidence that Kautilya was influenced by Aristotleâ€ÿs thought. A few students of history have "addressing about Kautilyaâ€ÿs presence". His place of birth isn't guaranteed. Some state that he got the name Chanakya on the grounds that he was conceived in China. The Buddhist notices his origination as Takshashila while Jaina sacred text notice his origin as Chanak in Gola area of South India. As per one adaptation, origin of Chanakya was Dravida so one of the Chanakyaâ€ÿs different names was Dramila. Some trusts his origin was Patliputra. Be that as it may, Kautilyaâ€ÿs origin will keep on residual a debate. Kautilya had two other two names – Chanaka and vishnugupta. As he was conceived in the town of chanaka, he was called chanakya , Dr. Ganapati Shastri is of the conclusion that he was conceived in the ' kutala' gotra. Consequently he was named as Kautilya. His folks gave him the name of Vishnugupta at 'namkaran' ceremony. At the point when Kautilya was conceived, he had favored with the full arrangement of teeth, which demonstrated that youngster will move toward becoming lord or sovereign. Rishi Chanak was a Kautilya's dad who was found out Brahmin. He was an educator instructor so he knew the significance of training. He began showing his child Kautilya in his initial age. In his initial age, Kautilya was knowledgeable in Vedas; however he remembered them totally at early age, At that old time, the Vedas were considered as the hardest sacred text to think about. He was likewise shown arithmetic, geology and science alongside religion. Ideal from his youth, Kautilyaâ€ÿs insight and smarts was noticeable and successful. His most loved subject was Politics. Kautilya had seen extremely troublesome conditions from his youth. His father,Chanak was savvy, better than average and self regarded Brahmin. He restricted bad form or everlasting deeds. The false and haughty lord Dhannanda disliked him normally. The ruler disparated the rightness of Chanak so he bugged Chanakâ€ÿs family for phony reasons. Chanak was placed in jail by the ruler. He kicked the bucket in jail. Nobody raised a voice against the unfairness with Chanak. Kautilya was an almost no kid that time. He was to a great degree miserable due to his fatherâ€ÿs passing and foul play occurred with his family. After his fatherâ€ÿs demise, his life was likewise in threat. So he left Patliputra by taking a promise that he would return and battle against shamefulness and deliver retribution against Dhannanda. Kautilya had his training at a popular college of Takshashila which was exceptionally rumored one around then. Being a Brahmin of solid assurance anf solid will, he thought to render retribution from Nanda – King of Patliputra. He left the capital mortified and he went to scan for a warrior. On his way, he ran over the youthful Chandragupta. He found in the last a promising young fellow and began the battle for his establishment on the position of authority of Magadha. Their First endeavor Proved to be a disappointment. Anyway in the long run, Chandragupta regrouped his powers, overpowered the borderstates and propelled assault on the capital. The underhanded ruler Dhannanda best of Nanda administration wa gifted in 322BC. Accordingly another tradition Maurya was built up with Chandragupta Maurya enthroned as the lord of Magadha in 321 BC and ruled upto 298 BC. The credit for this triumph goes to kautilya broadly acknowledged name whose conciliatory aptitude and all encompassing information of organization empowered Chandragupta, his understudy not exclusively to triumph against the Nandas yet additionally merge his empire.>GET ANSWER