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Internal Cash Control Essay

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Below is an essay on "Internal Cash Control" from Anti Essays, your source for research papers, essays, and term paper examples.

Assignment: Internal Cash Control

















































The Idaho Company does have certain issues that need addressing in reference to their internal control. Not having prenumbered checks is a very naive thing for a company to do. It makes keeping track of payments and checks nearly impossible. In addition, not keeping the checks in a locked or isolated location adds even more risk. At any point in time one of the two employees can come in take an unnumbered check and do what they want with it. In order to tighten up their payment operation they need to assign one person to checks, placing the checks in a locked unit, getting numbered checks in order to track, and assign all any procedures such as filing to another employee entirely. This will limit the room for corruption and also in case of an error allow proper tracking to take place.

Memorandum:
To: CEO of Idaho Company
From: Anthony Terrigno
Subject: Internal Control
After carefully reviewing Idaho Company’s payment method I have several recommendations for improvement which should not only limit the chances for error and theft, but also increase productivity. My recommendations are as follows:
1. Ability to write checks should be limited to one person
2. Numbered checks should be used from now on
3. Unused checks should be placed in a locked filing cabinet that the person writing the checks does not have access to
4. Steps after writing the checks such as filing, archiving, and reconciliation should be spread between other employees to prevent forgery but also allowing each step to be tracked.


The Guard Dog Company has done quite well changing it’s system of internal control over cash disbursements. Although nothing is ever full proof the Guard Dog Company has done a pretty good job protecting itself internally in regards to payments by check. After reading through the new systems features I have identified the...

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"Internal Cash Control". Anti Essays. 9 Dec. 2018

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APA Citation

Internal Cash Control. Anti Essays. Retrieved December 9, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Internal-Cash-Control-319601.html


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