You have just been hired as an accountant for ABC Inc. and notice several weaknesses in internal control over cash, especially in the area of segregation of duties. Your manager says not to worry about the lack of controls all of the employees are very honest. How do you think these weaknesses would effect the financial statements and what should you do to try and resolve the situation?

Answer rating: 100% (QA)

Weaknesses in internal control over cash particularly in the segregation of duties can have several adverse effects on financial statements 1 Risk of ... View the full answer