Discussion:

Internal Control$-$Integrated Framework is the standard by which companies design, analyze, and cvaluate internal control. The objectives of internal control are covered in the chapter and a discussion of how these objectives are achieved through the Integrated Framework's five elements of internal control.

A major reason that companies use bank accounts is for internal control. Some of the control advantages of using bank accounts are as follows:

Bank accounts reduce the amount of cash on hand.

Bank accounts provide an independent recording of cash transactions. Reconciling the balance of the cash account in the company's records with the cash balance according to the bank is an important control.

Use of bank accounts facilitates the transfer of funds using EFT systems.