You are the audit partner in charge of the audit of Jenny’s Palace, a leisure establishment which includes a bar and a restaurant open to the general public. The management consists of a senior manager and three assistant managers;all four are paid a salary with a profit–related bonus. Both the bar and the restaurant are dependent on casual workers who are paid an hourly rate in cash at the end of the week.To record the hours worked, each employee has to ‘clock in and clock out’ using a clock card inserted into a machine which records the time in and out.There is no other check on the accuracy of the recorded hours. Workers are hired after a short interview by one of the assistant managers who completes a form to record the details of the successful applicant. The company has a poor reputation as an employer and expects its staff to work long hours.Consequently employees tend not to stay very long.On resigning, an employee has to sign a form which is endorsed by the assistant manager and is then handed to the payroll department so that the employee’s last pay packet can be made up and the employee taken off the payroll. There are never enough applicants to fill the vacancies and almost no applicant is rejected.Both pay and staff morale are low.In an attempt to boost the pay and attract more and better staff, one of the assistant managers has suggested paying a weekly bonus from the cash tips left by customers.The tips would be divided among the workers rather than being banked as part of the takings. There would be no record kept of the tips which would mean that the workers would not be taxed on their ‘bonus’.The most profitable department in the company is a members–only club which is a licensed casino where various forms of gambling take place.Under the licensing rules only trained staff can be employed and these are reasonably well–paid jobs. Occasionally if there is a staff shortage on the catering side in the casino, members of the bar and restaurant staff are brought in, given new uniforms and are instructed to help out. Technically this is against the gaming rules, but the casino management consider that if the breach is ever discovered by the authorities, the worst thing that might happen would be the casino having to pay a fine,They are aware however that it is possible that the licence could be withdrawn and the casino could be forced to close.
Required: a)Identify possible weaknesses in the control environment in Jenny’s Palace.
b)Suggest various audit procedures which might be appropriate in the particular circumstances of Jenny’s Palace.
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