Internal Cash Control

At Idaho follow there be a slightly weaknesses in the internal control of gold disbursements that need to be addresses. The first weakness that I found was that the consorts be non pre-numbered and are kept in an unlocked filing locker. purportedly provided the buying constituent and treasurer are real to issued freezes, nevertheless having them in an unlocked filing cabinet gives glide tilt to anyone in the company. Also, there is a risk of either the buy agent or treasurer writing a check for someoneal use because they are non numbered. The next weakness that I was able to identify is only the buy agent is maintaining the truth of the invoices. This can cause problems because there is non segregation of duties. The person that is buy 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 bit pre-numbered checks. I also advise, whenever possible, docum ents 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 all(prenominal) check bequeath require 2 signatures. Both the purchasing agent and the treasurer will wander the accuracy of trafficker bills prior to payment. The accuracy of the vendor bills will again be verified by a triplet employee. If these steps are taken the compan ies overall ability to look at cash will dr! astically increase After evaluating the hold back Dog Company, I was impressed to find that all of the v basic principals of cash management were being used. Segregation of duties is exercised because the cardinal grosbeak people who approve the invoices are different from the persons who sign the checks. free-living internal verification is used when multiple people assert the accuracy of...If you want to get a full essay, pronounce it on our website: BestEssayCheap.com

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