Question

Instructions: Read the following narrative system’s description. The internal controls are okay but can be improved. What additions which would be necessary for a properly designed internal control system (how do we make the internal control better)?

Accounts Receivable and Cash Receipts: The mail is opened an employee who list each individual payment and the amount remitted on a two-part mail receipt list. The employee initials the mail receipt list and one copy of the mail receipt list is sent to accounts receivable bookkeeper for posting to the subsidiary accounts receivable ledger and the cash and another copy of the mail receipt list is sent to the cashier. The accounts receivable bookkeeper who posts to the subsidiary accounts receivable then posts transactions to each individual subsidiary account. The files are maintained on a computer and the bookkeeper performs the data entry. When the posting process is completed, the accounts receivable bookkeeper compares the total posted to the subsidiary accounts receivable with the total on the copy of the mail receipts list sent to bookkeeping by the mail receipts department. If both amounts agree, then the copy of the mail receipts list is initialed by the accounts receivable bookkeeper and filed by date. If the totals do not agree, then the accounts receivable bookkeeper compares the posting to each individual account, reads the mail receipts list, and performs other error correction procedures until the amounts reconcile with one another. The cashier recounts the cash and prepares the daily deposit. If the cash does not equal the total account on the mail receipt list, then the cashier makes note of the discrepancy. The cashier takes the deposit to the bank and obtains a duplicate deposit ticket, which is attached to the mail receipts list sent to the cashier by the mail receipts department. These two documents are filed by date.

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