Identify control weakness and potential internal controls to be put in place regarding the scenario provided below: Leslie Epstein, an employee of XXX Company, prepares journal vouchers for general ledger entries. Because of the large number of voided journal vouchers caused by errors, the journal vouchers are not prenumbered by the printer; rather, Leslie numbers them as she prepares each journal voucher. She does, however, keep a log of all journal vouchers written so that she does not assign the same number to two journal vouchers. Biweekly, Leslie posts the journal vouchers to the general ledger and any necessary subsidiary accounts. Bimonthly, she reconciles the subsidiary accounts to their control accounts in the general ledger and makes sure the general ledger accounts balance. Format: Weakness Control
Identify control weakness and potential internal controls to be put in place regarding the scenario provided below:
Leslie Epstein, an employee of XXX Company, prepares journal vouchers for general ledger entries. Because of the large number of voided journal vouchers caused by errors, the journal vouchers are not prenumbered by the printer; rather, Leslie numbers them as she prepares each journal voucher. She does, however, keep a log of all journal vouchers written so that she does not assign the same number to two journal vouchers. Biweekly, Leslie posts the journal vouchers to the general ledger and any necessary subsidiary accounts. Bimonthly, she reconciles the subsidiary accounts to their control accounts in the general ledger and makes sure the general ledger accounts balance.
Format:
Weakness Control
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