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Leo's Theater

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Leo’s Four-Plex Theater
Elaine Sanders
ACC 6003 Spring 2016

What is the problem?
Leo Antonelli owns a single theater with four screens in West Texas. While Mr. Antonelli owns the theater, he does not manage it. Mr. Antonelli, who was concerned about the profitability of the theater, engaged the services of a local accounting professor to observe the processes at the theater and report on the effectiveness of the internal controls in place. The analysis and recommendations presented below are based on the internal control report.
Question 1.
Where is the theater’s control system lacking? Are the controls themselves weak or incomplete, or are the theater’s problems caused primarily because of lack of discipline in using the existing controls?
Leo’s Four-Plex has four internal controls in place. These controls are presented in Table 1. Even though there are internal controls in place, the controls are not rigorously applied and are insufficient to control the flow of cash in the theater. Mr. Antonelli asked a local accounting instructor, Mr. Cockerill, to observe the theater and provide comments. Table 2 presents the internal controls in place and Mr. Cockerill’s findings.
Question 2.
What control improvements would you suggest for Leo’s Four-Plex?
I suggest some definite and immediate changes be made to the internal control of cash at Leo’s Four-Plex Theaters. The most obvious deficiency is the focus on non-monetary controls. There are three internal controls devised to make sure that customers see the movie they paid for (color-coded tickets), that all of the tickets are accounted for (locked stub box), and that every customer has a ticket (turnstile). The only monetary-based internal controls are the serially-numbered tickets and the cash count conducted. My recommendations to improve or increase the controls are provided below. 1. Every cashier…...

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