As a new auditor for the CPA firm of Good and Rich, you have been assigned to

Question:

As a new auditor for the CPA firm of Good and Rich, you have been assigned to review the internal controls over mail cash receipts of Lyman Company. Your review reveals that checks are promptly endorsed "For Deposit Only," but no list of the checks is prepared by the person opening the mail. The mail is opened either by the cashier or by the employee who maintains the records. Mail receipts are deposited in the bank weekly by the cashier.
Instructions
Write a letter to D. A. Flynn, owner of the Lyman Company, explaining the weaknesses in internal control and your recommendations for improving the system?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...