THE HOME OF WRITERS, Get Assignment Writing Help: He Does It All ABC Business Company has James Madison as their accountant.

He Does It All ABC Business Company has James Madison as their accountant. The company provides basic accounting and tax services to about 200 small business clients in the Austin, Texas area. James’ duties include managing accounts receivable, accounts payable, payroll, and cash disbursements. He handles everything to do with accounting and payments. James’ boss, Maria Garza, was playing tennis with a partner from a local CPA firm, when an unusual conversation evolved. “I hear that you have only James Madison doing all your accounting and financial work,” said the CPA. “Yes, he is great,” replied Maria. “I never have to worry about anything. He does it all.” “That’s crazy,” said the CPA. “You need separation of duties. You’re an accounting firm, and you have a guy in charge of your accounting who doesn’t even follow basic textbook segregation of duties.” “But we’re making a lot of money. Things are going well,” said Maria. “Get rid of him. He’s a walking time bomb,” said the CPA. “Take my professional opinion.” Maria was terribly saddened after her tennis game with the CPA. She liked James Madison and hated the thought of firing him, so she told him what the CPA said. James responded that the CPA was “off his rocker.” He added, “Your CPA friend is used to working with large clients. We’re too small to have separate accounting and finance. Do you really want to pay a second person to do some of my work? You don’t have anyone else who can do it. All your staff members are overloaded already, and it would be even worse to let one of them handle both clients and billing.”

A. Who is right, James Madison or the CPA?

B. Should Maria consider firing James Madison?

C. Should Maria consider hiring another person? The money is there to hire someone else, but it would come out of the bottom line and her pocket.