Internal controls and counter measures:

Initial Post $-$

$-$ Provide a minimum of $1$ example of a business situation where an internal control or counter measure is lacking.

$-$ Next, with that example, provide the internal controls or counter measures that should be put into practice to correct this

Response Post $-$

$-$ Look at the example provided by at least two students and provide input on the internal control and$/$or counter measure they proposed

Example: A small company uses petty cash to make small purchases. The bookkeeper took $\backslash (\backslash$$ $50\backslash )$ in petty cash to purchase a toner cartridge at Staples. They came back to the business and completed a petty cash slip. They then went into the safe and repaid petty cash with the petty cash slip as their receipt. $-$ Internal Control that should be put into practice $-$ the person who takes the petty cash out of the petty cash box shouldn't sign the petty cash slip. There should be several parties involved. Not only is there concern that cash is being handled improperly but you must also ensure the toner cartridge that was purchased was received and not used at someone's home.