XYZ Company has considerable cash collections on a regular basis. The cashier receives the cash, records...

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XYZ Company has considerable cash collections on a regular basis. The cashier receives the cash, records it and then banks it at the end of each day. Since a single person is responsible for access to cash, the financial director is concerned that fraud and error may occur in cash handling and recording. Suggest the financial director several internal controls to prevent such errors or misappropriations? (at least 3 controls). XYZ Company has considerable cash collections on a regular basis. The cashier receives the cash, records it and then banks it at the end of each day. Since a single person is responsible for access to cash, the financial director is concerned that fraud and error may occur in cash handling and recording. Suggest the financial director several internal controls to prevent such errors or misappropriations? (at least 3 controls).

Answer rating: 100% (QA)

What Are Internal Controls Internal controls are the mechanisms rules and procedures implemented by a company to ensure the integrity of financial and ... View the full answer