e Van Rank Topic: Update on O x Topic CIT160 - Our Chapter 3 - Detection Chapter 3 - Detectin: * Ch 7 Required home x + com/courses/36313/assignments/3823818 Current Attempt in Progress The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure Weakness Each store manager is responsible for interviewing applicants for Cashier jobs. They are hired if they seem honest and trustworthy Inability to establish responsibility for cash on a specific clerk Cash is not independently counted Cash is not adequately protected from theft The accountant should not handle cash Cashiers are not bonded and background checks are not conducted All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total The company accountant makes the bank deposit and then records the day's receipts. e Textbook and Media e Van Rank Topic: Update on O x Topic CIT160 - Our Chapter 3 - Detection Chapter 3 - Detectin: * Ch 7 Required home x + com/courses/36313/assignments/3823818 Current Attempt in Progress The following control procedures are used in Keaton Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control and identify the control principle that is violated. Procedure Weakness Each store manager is responsible for interviewing applicants for Cashier jobs. They are hired if they seem honest and trustworthy Inability to establish responsibility for cash on a specific clerk Cash is not independently counted Cash is not adequately protected from theft The accountant should not handle cash Cashiers are not bonded and background checks are not conducted All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stock room until it is deposited in the bank At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total The company accountant makes the bank deposit and then records the day's receipts. e Textbook and Media