Internal Controls over cash
The next are deficiencies in inside controls over cash.
1. When the cashier is not out there, Amy prepares each the deposit and opens the mail.
2. The mail clerk might not put together a remittance recommendation for the A/R division if a buyer doesn’t submit a one with a fee.
Three. Typically, the treasurer’s division doesn’t cease the supporting paperwork for cash disbursements.
four. John handles each the client correspondence regarding month-to-month statements and making the financial institution deposits.
5. Mike handles incoming mail and likewise prepares financial institution reconciliations; nonetheless, the financial institution reconciliations usually are not completed in a well timed method.
For every deficiency:
1. Contemplate every deficiency independently of the others. Whereas every deficiency presents potential points, establish two that stand out as the more severe together with your skilled information. Clarify your rationale.
2. How would you implement a change to enhance these deficiencies?
Your written response paper ought to be 2-Three pages in size. Please sort your response in a Phrase doc and comply with APA format. Embody a title web page and reference web page. Use three (Three) credible tutorial sources
