Table Controls at Bellagio Casino Resort

2) (1 point) What kind of control is this control procedure – a preventive or detective control? Explain.

15. Effective internal controls for cash include: A. B. C. D. making cash payments by prenumbered check. depositing cash in the bank on a timely basis. giving written cash receipts to customers as evidence of payment. all of these.

Elder, A. A., Beasley, M., & Elder, R. J. (2014). Auditing and assurance services (15th ed.). Upper Saddle River, NJ: Pearson.

Overall Strength: in general, the article provides structure to a concept that is very intangible by: (a) describing the nature and the functions of control; (b) segregating the MCS into categories: core control system, organizational structure, and organizational culture; (c) illustrating how to apply the control model (satisfied my approach) (d) provides a basis for designing and evaluating the system. The manner, in which the model is presented, with its use of figures, further emphasizes the structure of the model. See below on further emphasis on parts (a) -(c).

The auditor must assess the transactions for how much of a risk factor is involved. When reviewing these transactions, auditor must be able to review the internal controls of the company’s accounting personnel. The segregation of duties is associated with the safeguarding of an organization 's assets and the topic known as internal control. An example of the segregation of duties would be a company 's requirement that the bank statement for its checking

A concept we learned about in Business Leadership that relates to the main point in this book is control systems. We looked at the importance of control in management and learned about various different systems. In this book, systems are shown to greatly help customer service. Systems are predetermined ways to get a specific result and still ensure consistency. Andrew, the plant manager said “Systems give you a floor, not a ceiling”. Thus, a system is the sort of thing you build on, a starting point. An external control measure, for example, involves

c. Strict controls over credit issuance. It has 3 parts and all these documents contained a check number, customer number, shift, pit number, type of table game, table number, date and time, and the approved dollar amount, in addition to the required employee signatures and ID number. This control was designed to address the problem that the casino fails to collect the unpaid markers and it can make sure the collectability of the markers.

Individual reflection #2: Controls at the Bellagio Casino Resort What controls do they have and why? MGM MIRAGE maintained stringent controls on the recording of all receipts and disbursements. In the (Bellagio) casino, these controls included: - Locked cash boxes on the casino floor; - Daily cash and coin counts performed by employees who were independent of casino operations; - Constant observation and supervision of the gaming area; - Observation and recording of gaming and other areas by closed-circuit television; - Timely analysis of deviations from expected performance; - Constant computer monitoring of slot machines. These controls help to ensure that cash operations are going well. The company’s businesses were also subject to

--Company performs its own employment screenings, independent of the registration process. The intent is to check background and to avoid hiring people involved in crime, violations. --Licensing of casino personnel so this will ensure that the right person is employed and those who fails the registration process is not employed by casino company. --Training and retaining well qualified employees to ensure that the right type of people is employed: Company provides extensive further training to employees to standardize its activities. Cultural controls (exist to shape organizational behavioral norms and to encourage employees to monitor and influence each other's behaviors): --Controls were legally mandated because the gaming industry is highly regulated. Companies have to maintaining its licenses and paying gaming taxes to be allowed to continue operations. --Company is operating in highly competitive environments and competing against other companies. They were required by regulations to report suspicious activities related to money laundering and report any cash transaction in excess of $10,000. Results controls (Policies and procedures that help ensure management directives are carried out to achieve the desired result. It involves rewarding individuals for generating good

There are many reasons to link financial problems and crime to the large revenues of gambling. Financial losses are one of the extreme threats and costs to the gambler. This is because

The basic system of just about every casino is that of the tables (including Roulette, Blackjack and Craps) filling the center of the room with computerized

When walking into “The Strip” in Las Vegas, an instant feel of excitement rushes up. The flashy neon lights paired with glimpses of amazing acrobatics on gigantic screens easily brings up the energy of tourists, businessmen, and gambling addicts. You may wonder how a once stranded desert can transform into such a paradise of skyscrapers. The answer lies in casinos.

The scheme in the gambling industry is the same everywhere. The main goal is to

“The geographic location of a casino is a huge consideration” (Lewis pg. 1). Demographics, travel patterns and nearby competition play a significant part in casino design. “ Most people in North America live within a day’s drive of one or more gaming areas” (Lewis pg. 1), so in order to attract people to the casino there must be something other than the gaming floor to draw them in. Many amenity and non-gaming attractions must be considered in order to really stand out. The casino must design strong support facilities, a hotel that can accommodate as many players as it can afford, a parking system for the traveling patrons, non-gambling facilities for families and it must be an inviting space.

Effective internal controls protect a company’s assets, maintain compliance, improve operations, prevent fraud, and promote accuracy in financial reporting. In 1992 the