Internal Control and Cash

Internal Control and Cash - Copyright Doug Hillman 2000...

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Unformatted text preview: Copyright Doug Hillman 2000 Internal Control and Cash Copyright Doug Hillman 2000 Internal Control Policies and procedures for protecting assets from improper use Copyright Doug Hillman 2000 Internal Control Policies and procedures for protecting assets from improper use and for the detection and prevention of errors or irregularities in accounting Copyright Doug Hillman 2000 Elements of the Internal Control Structure Control Environment Accounting System Control Procedures Copyright Doug Hillman 2000 Control Environment Managements philosophy and operating style Organizational structure Audit committee of board of directors Assigning authority and responsibility Controlling performance Policies and practices Copyright Doug Hillman 2000 Accounting System Identification and recording of all valid transactions Proper classification of transactions Proper measurement of dollar amount Assignment to proper period Proper presentation in financial statements and notes Copyright Doug Hillman 2000 Control Procedures Proper authorization of transactions and activities Separation of duties Documents and records Safeguard over access to assets and records Review of internal control system Copyright Doug Hillman 2000 Cash Deposits in checking and savings accounts and any item bank customarily accepts for immediate deposit Challenge is to control inflows and outflows of cash Copyright Doug Hillman 2000...
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Internal Control and Cash - Copyright Doug Hillman 2000...

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