1. All cash is deposited intact, in the bank account daily. 2. Blank cheques are stored in a safe in the controller's office. 3. All cashiers are bonded. 4. All over-the-counter receipts are recorded on cash registers. 5. 6. All payments, except for petty cash transactions, are made by cheque. Cheque signers are not allowed to record cash payment transactions. Documentation Procedures Establishment of Responsibility Human Resource Controls Independent Checks of Performance Physical and IT Controls Segregation of Duties 7. Company cheques are pre-numbered. 8. Daily cash counts are made by cashier department supervisors. 9. Only cashiers may operate cash registers. 10. Only the controller or assistant controller may sign cheques. 11. The bank statement is reconciled monthly by an internal auditor. 12. The duties of receiving cash, recording cash, and maintaining custody of cash are assigned to different individuals. く
1. All cash is deposited intact, in the bank account daily. 2. Blank cheques are stored in a safe in the controller's office. 3. All cashiers are bonded. 4. All over-the-counter receipts are recorded on cash registers. 5. 6. All payments, except for petty cash transactions, are made by cheque. Cheque signers are not allowed to record cash payment transactions. Documentation Procedures Establishment of Responsibility Human Resource Controls Independent Checks of Performance Physical and IT Controls Segregation of Duties 7. Company cheques are pre-numbered. 8. Daily cash counts are made by cashier department supervisors. 9. Only cashiers may operate cash registers. 10. Only the controller or assistant controller may sign cheques. 11. The bank statement is reconciled monthly by an internal auditor. 12. The duties of receiving cash, recording cash, and maintaining custody of cash are assigned to different individuals. く
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1.
All cash is deposited intact, in the bank account daily.
2.
Blank cheques are stored in a safe in the controller's office.
3.
All cashiers are bonded.
4.
All over-the-counter receipts are recorded on cash registers.
5.
6.
All payments, except for petty cash transactions, are made by cheque.
Cheque signers are not allowed to record cash payment transactions.
Documentation Procedures
Establishment of Responsibility
Human Resource Controls
Independent Checks of Performance
Physical and IT Controls
Segregation of Duties
7.
Company cheques are pre-numbered.
8.
Daily cash counts are made by cashier department supervisors.
9.
Only cashiers may operate cash registers.
10.
Only the controller or assistant controller may sign cheques.
11.
The bank statement is reconciled monthly by an internal auditor.
12.
The duties of receiving cash, recording cash, and maintaining custody of
cash are assigned to different individuals.
く
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