Question 7

Question 1

A significant challenge to any auditor is that of auditing a cash intensive business such as a bar or a car wash. 

For this week's discussion, identify a specific business type that would historically receive a significant amount of cash in its normal operating schema. 

Using this business, discuss and share your thoughts about the obvious weak areas in controls, either by weak design or intentional actions of a company stakeholder that may be subject to fraud or malfeasance.  Who would be likely to commit the fraud and what controls you would put into effect to eliminate the possibility of future fraudulent actions? 

If you have any real world experiences that you would like to share regarding the challenges created by a business receiving large amounts of cash in its operations, please include them

Question 2

How high should a monopoly set its prices in order to maximize profits? When you post a response to this question, place it in the context of one of the following examples:

· A geographically isolated gas station.

· A concert on campus.

· Soft drinks at a sporting event.

· A prescription drug.

Question 3

"Today's generation didn't want to watch ancient actors reciting the same tired lines. They wanted to see themselves reflected onscreen - rude, raw, entitled. These kids needed to believe that they themselves were only one daring, controversial act away from being up on that screen themselves."

- Melissa Jo Peltier, Reality Boulevard

Within the past few years, Reality TV has become a staple in the homes of people not just in America, but around the world. Even some celebrities have given in to the undeniable effect of Reality TV, choosing to have their own lives played out in front of the lens. The term "Reality TV Star" has been coined and is now being uttered on the lips of millions. However one feels about Reality TV, this wave of entertainment seems to be here to stay.

What do you think will be the lasting impact that Reality TV has on the Humanities and how we see ourselves as humans?