What auditing standards references the below describes the scenario as internal control weakness?
1.Deposit slips from the bank are not kept back in the office records, instead are kept in the store manager's personal possession.
2.Remittance advice sent by customers with a check are thrown in the trash by the manager.
3 .The minimum cash balance maintained at store should be kept in locker or safe maintained at store and should have more than one person having control over it. Keeping cash at someone’s personal desk keeps the cash vulnerable to misuse.
4.The manager frequency of depositing cash on weekly basis. Each Friday the balances increases.
1. Deposit slips are to be maintained in office records only. So, it has to shift from store to office.
2. Manager has to keep all remittance advice for audit purpose. So, manager has to keep all remittance records.
3. Cash handling should be done by one person and it has be authorized by one person only and locker control should be done by one person.
4. Cash has to be deposited on daily basis and then only we keep track record of exact cash balance on daily basis.
What auditing standards references the below describes the scenario as internal control weakness? 1.Deposit slips from the bank...
What auditing standards references the below scenario as internal control weakness? 1. Miguel a store manager does not writing the full name on the back of the check. 2. Miguel is keeping all the checks openly on his desk and the same is taken to bank on the next working day Monday. 3. Miguel withholds $100 petty cash from the deposits from the check to purchase coffee and office supplies.