Julia Ross Company has the following internal control procedures over cash payments. Identify the internal control principle
Question:
Julia Ross Company has the following internal control procedures over cash payments. Identify the internal control principle that is applicable to each procedure.
1. Payments exceeding certain limits must be authorised by two personnel.
2. The bank statement is reconciled monthly by an internal auditor.
3. Blank cheques are stored in a safe in the finance manager's office.
4. Only the finance manager or assistant may approve EFTs.
5. Staff approving EFT payments are not allowed to record payment transactions.
Required
(a) Identify the internal control principle that is applicable to each procedure.
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