Internal Cash Control

Internal Cash hold up ACC/220 January 2, 2010 Alicia Hubbard Internal Cash Control There atomic pattern 18 many an(prenominal) weaknesses in the internal change control everywhere the cash disbursements of the Idaho keep participation scenario. Having an individual with multiple responsibilities will ready weaknesses in the companys control over cash disbursement. The company is apply 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 precedent to being paying(a) and filed. There are too many employees with authorization to issue checks without having a aright record care system of them. The company should permit pre-numbered checks with entirely one employee to have access to them. The checks should require two signatures. The bug out constituent and the financial officer should twain verify the accuracy of the trafficker bills onward issuing payment. The invoices should not except be stamped as paid but also dated and the check number and authorizing name 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 cable of what each employee was doing. It would help to deter faker, theft and misconduct of the employees. memorandum to staff: Effective immediately, the company will use pre-numbered che cks, unaccompanied issuable by the treasure! r. They will require the signature of the purchaser and the treasurer. The treasurer will have key control of the filing stock locker as well as the verification debt instrument of the invoices. in all vendor bills will be corroborate 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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