ACT301 DB5.docx - Module 5 Discussion Forum No unread replies 1 1 reply One of the concepts we learn this week is internal control Assume you are

ACT301 DB5.docx - Module 5 Discussion Forum No unread...

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Module 5: Discussion Forum No unread replies. 1 1 reply. One of the concepts we learn this week is internal control. Assume you are reviewing the internal controls over mail cash receipts of your company. Your review shows that the cashier or the accounts receivable clerk typically opens mails. The person opening mails promptly stamps at the back of all checks “For Deposit Only” to endorse the checks. Mail openers are not required to make a list of checks received. The cashier deposits all checks received in the mail at least once a week. Identify the weaknesses in internal control over mail receipts. Provide recommendations for improving the internal control process over mail receipts. Fraud is a dishonest act by an employee that results in personal benefit to the employee at a cost to the employer. The fraud triangle refers to the three factors that contribute to fraudulent activity. They are: Opportunity – usually due to a lack of sufficient controls Financial pressure
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  • Spring '15
  • Dr.ThanasakRuankaew

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