Cash amounts held Cash is an important asset for a business which should be protected against...
Cash amounts held
Cash is an important asset for a business which should be protected against fraud or theft.
Which internal controls can be put in place by a company to protect its cash?
(25 marks)
Homework Answers
Internal Controls to protect cash:-
1.) Safeguarding Assets: Protect the organization’s cash in hand by keeping them in a locked cabinet.Only the right personnel Should have access to handling cash.
2.) Segregation of Duties: There shoudl be segregation of duties for Authorizing a transaction, the recording of a transaction and maintaining custody of the related assets. All the work should all be done by different personnel.
3.) Accountability: Ensure all cash transactions have been authorized, have been properly accounted for, and have been documented properly.
4.) Reconciliations: All bank accounts should be reconciled monthly to ensure all transactions are being recorded accurately and completely.
5.) Monitoring: A review process is crucial to ensure controls are in place and running effectively. Management should review and monitor regularly and investigate any unusual activity.
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Cash amounts held
Cash is an important asset for a business which should be
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