Question

To begin, read the following case scenario: Luann Buell works as a teller for a local Credit Union. When she arrived at work on Thursday, the branch manager, Mike Stokey, asked her to get her cash drawer out early because the head teller, Jim Best, was conducting a surprise cash count for all the tellers. Luann’s drawer was $50 short and her reconciliation tape showed that she was in balance on Wednesday night. Jim asked Luann for an explanation and Luann immediately took $50 out of her wallet and handed it to him. Luann explained she needed the cash to buy prescriptions for her son and pay for groceries and intended to put the $50 back in her cash drawer on Friday, which is pay day. She also told Jim that this was the first time she had ever “borrowed” money from her cash drawer and that she would never do it again. For your main discussion post, identify the ethical considerations of this case from both Luann’s (teller) and Jim’s (head teller) perspectives. What options does Jim have to address this problem? Assume Jim chooses to inform the branch manager, how should he approach the issue with his boss? Additionally, brainstorm at least four ideas to safeguard cash on hand at the credit union (petty cash, teller drawer cash, and vault cash) from employee theft and mismanagement. Responses to others should focus on the commonalities and differences regarding the ethical considerations presented from both Luann’s and Jim’s perspectives. Do you agree with the options posted regarding how Jim may be able to address this issue and how he should approach the branch manager with his findings? What insight have you gained from the suggestions offered to safeguard cash on hand at the credit union? What additional suggestions can you offer?

Answer 1

Solution:

Hazard is characterized as the potential that occasions (expected or unforeseen) may adversy affect a credit association's profit, capital, or believability.

Presence of hazard isn't, without anyone else, a purpose behind concern. Or maybe, Management must think about whether the dangers are justified.

Dangers are justified on the off chance that they are reasonable, controllable, and inside the credit association's ability to promptly withstand antagonistic execution.

The region of money and money reciprocals truly is a generally safe region contrasted with different territories.

Be that as it may, consistent inclusion in the territory of money and money counterparts must be a piece of the interior control thought because of the idea of money.

There ought to be composed techniques set up for incite detailing and exploring of deficiencies when they end up known.

Money overages/deficiencies ought to be appropriately recorded in a money over/short record. Survey account subtle elements for repeating designs or any substantial or surprising things.

Guarantee deficiencies have been legitimately explored and settled.