Internal Cash Control

Internal Cash jibe ACC/220 January 2, 2010 Alicia Hubbard Internal Cash Control There atomic pattern 18 many another(prenominal) weaknesses in the internal change control everywhere the cash disbursements of the Idaho lodge scenario. Having an individual with multiple responsibilities will ready weaknesses in the familys control over cash disbursement. The company is use un-numbered checks that ar accessed by more than 1 employee. The checks are not locked up, so they are liable to be stolen by an unethical employee. The invoices are not universe corroborate for accuracy anterior to being compensable and filed. There are too many employees with authorization to issue checks without having a aright record retentiveness system of them. The company should cod pre-numbered checks with entirely one employee to have access to them. The checks should require two signatures. The bug out cistron and the treasurer should twain verify the accuracy of the tra fficker bills originally issuing payment. The invoices should not except be stamped as paid but also dated and the check number and authorizing name calling should be recorded on the invoice as soundly.

By creating a paper trail of checks and balances, as well as segregating the different duties and responsibilities, leaving each individual accountable for a certain set of duties, it would be easier to keep booster cables length of what each employee was doing. It would help to deter boloney, theft and misconduct of the employees. memo to staff: Effective immediately, the company will use pre-numbered checks, unaccompanied issuable by the treasurer. T! hey will require the signature of the purchaser and the treasurer. The treasurer will have key control of the filing store locker as well as the verification right of the invoices. in all vendor bills will be verify by both the purchaser and the treasurer. All invoices will be verified by purchaser and treasurer and initialed before being stamped and filed. By using the steps of establishing responsibility and segregating duties, it would deter fraud and theft....If you want to get a full essay, order it on our website: OrderCustomPaper.com

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