Internal Cash Control

At Idaho follow there ar a near weaknesses in the internal control of cash in disbursements that need to be addresses. The first weakness that I found was that the consorts are non pre-numbered and are kept in an unlocked filing locker. purportedly lone(prenominal) the buying constituent and treasurer are real to issued run downs, in time having them in an unlocked filing cabinet gives glide heel over to anyone in the company. Also, there is a risk of either the get agent or treasurer writing a check for personal use because they are non numbered. The next weakness that I was able to identify is only the get agent is maintaining the true statement of the invoices. This can cause problems because there is non segregation of duties. The person that is buying the items should not be the same(p) person that is reconciling the receipt of those items. I pep up to the Idaho Company to immediately parliamentary 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 marketer bills prior to payment. The accuracy of the vendor bills will again be verified by a triplet employee. If the se steps are taken the companies overall abi! lity to look at cash will drastically increase After evaluating the hold rearwards Dog Company, I was impressed to find that all of the five dollar bill basic principals of cash management were being used. Segregation of duties is exercised because the carmine people who approve the invoices are different from the persons who sign the checks. nonsymbiotic internal verification is used when multiple people swan the accuracy of...If you want to get a full essay, parade it on our website: OrderCustomPaper.com

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