1.The internal control is a mechanism that enables the organisation to operate efficiently and effectively in accordance with the applicable rules or regulation. In the current case, Alpha Construction Company that has given responsibility to the construction foreman for the task of managing the project and labourers in the site of project.
The weakness of internal control in this case is that the power and duties are concentrated in the hands of the one person. This only that increases the chances of fraud performed by that individual. The existing structure is that the Construction Foreman controls and regulates the work and attendance of labour in the site of project (Knechel and Salterio 2016). The duties that are performed by Foreman are such as keeping of timecard, filling the timesheet that is submitted for making payment and paying of the labourers. The company does not have any structure for cross checking the information provided by the Construction Foreman as correct. This concentration of power in the hands of an individual in the company.
2.The two possible situations in which the Construction Foreman might steal from the Alpha Construction Company are:
This are the manners in which the Foreman might steal from the Alpha Construction Company.
3.The two probable ways that would solve the problem of correction of the system of internal control weakness are:
This action will ensure a good structure for correcting the problem of internal control weaknesses.
Carson, E., Fargher, N. and Zhang, Y., 2016. Trends in auditor reporting in Australia: A synthesis and opportunities for research. Australian Accounting Review, 26(3), pp.226-242.
Knechel, W.R. and Salterio, S.E., 2016. Auditing: Assurance and risk. Taylor & Francis.
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