ar0157
Sep 2, 2013, 10:06 PM
I have a little trouble understanding this question
Percy Printers uses the following control procedures:
1) Cheques are not pre-numbered because the purchasing manger must approve payments before cheques are signed,
2) The companys accountant record the receipt of cash and cheques and makes deposit at the bank.
3) The employee who works the register reconciles cash to receipts at the end of the day.
4) Employees know that the internal auditor will do a bank reconciliation at the end of each month
5) Pretty cash is kept in a back room but is not monitored during the day.
6) A cashier lets another employee work his assigned register while he helps a customer
Required : Identify the problem with each internal control procedure
Percy Printers uses the following control procedures:
1) Cheques are not pre-numbered because the purchasing manger must approve payments before cheques are signed,
2) The companys accountant record the receipt of cash and cheques and makes deposit at the bank.
3) The employee who works the register reconciles cash to receipts at the end of the day.
4) Employees know that the internal auditor will do a bank reconciliation at the end of each month
5) Pretty cash is kept in a back room but is not monitored during the day.
6) A cashier lets another employee work his assigned register while he helps a customer
Required : Identify the problem with each internal control procedure