ACCT460_assign3B.docx - Question 12-38 Pg 423 a Collections made at weekly services Risks of error or fraud Ushers are taking collections during the

ACCT460_assign3B.docx - Question 12-38 Pg 423 a Collections...

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Question 12-38 Pg 423 a) Collections made at weekly services: Risks of error or fraud Control Weaknesses Recommended improvements Ushers are taking collections during the services every Sunday but are not counting each collection or recording the member name from which the collection is coming from. This poses risk of error or fraud as ushers would be able to steal part of the collections or errors can be made when trying to figure out how much was collected after a service since the collections are not counted until the following day by the treasurer, nor is there a name tied to the individual contributions. There is a lack of controls in place to prevent the opportunity of fraud (e.g. the ushers pocketing portions of the contribution) There is also a lack of control on how the collections are tracked and recorded. Not all ushers should know the combination to the church safe. Only the Head Usher should have this combination to lower the risk of theft. Encourage members to make their contributions via cheque or e-transfer. If the member wants to hand in cash, a cash contribution form should be completed. The form should include the name of the member, the amount of cash being contributed, the date and signature of the member submitting the form. The cash contribution form should then be placed into a numbered envelope along with the corresponding amount of cash.
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