Answer the following questions on internal control: a. Separation of duties is an important internal control procedure.

Question:

Answer the following questions on internal control:
a. Separation of duties is an important internal control procedure. Why is this so?
b. Cash may be a small item on the financial statements. Nevertheless, internal control over cash is very important. Why is this true?
c. Crane Company requires that all documents supporting a check be cancelled by punching a hole through the packet. Why is this practice required? What might happen if it were not?

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a Separation of duties is basic to successful inside control it decreases the danger of both ...View the full answer

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