Internal Cash Control

At Idaho follow there argon a roughly weaknesses in the internal control of cash in disbursements that need to be addresses. The first weakness that I found was that the consorts atomic number 18 non pre-numbered and ar kept in an unlocked filing locker. purportedly unaccompanied the buying constituent and treasurer are real to issued fails, yet having them in an unlocked filing cabinet gives glide side to anyone in the company. Also, there is a risk of either the acquire agent or treasurer writing a check for individualal use because they are non numbered. The next weakness that I was able to identify is only the purchase agent is maintaining the verity of the invoices. This can cause problems because there is non segregation of duties. The person that is buying the items should non be the same(p) person that is reconciling the receipt of those items. I pep up to the Idaho Company to immediately parliamentary social occasion pre-numbered checks. I also advise, whenever possible, documents should be pre-numbered, and only documents should be accounted for. If this does not happen, checks can be taken and not accounted for because there is no numbering sequence. I also recommend that one person should be entrusted with the key to the file cabinet in which the checks that are not pre-numbered are stored.

Also rough-and-ready immediately, each and either check bequeath require 2 signatures. Both the purchasing agent and the treasurer will wander the accuracy of seller bills prior to payment. The accuracy of the vendor bills will again be verified by a tripl et employee. If these steps are taken the co! mpanies overall ability to look at cash will drastically increase After evaluating the hold acantha Dog Company, I was impressed to find that all of the pentad basic principals of cash management were being used. Segregation of duties is exercised because the rudimentary people who approve the invoices are different from the persons who sign the checks. independent internal verification is used when multiple people moderate the accuracy of...If you want to get a full essay, monastic order it on our website: BestEssayCheap.com

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