Hinson 7-2 Internal Control Exercise

Hinson 7-2 Internal Control Exercise - purposely Another...

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Intermediate Accounting I Assignment 7-2 Internal Control Exercise Jamie Hinson February 19, 2008 One major solution would be to have dual (or more) control the petty cash disbursements. This way John can’t be accused of steeling – or be tempted to steel – because if he’s the only one who takes care of it, he could easily make a check out for petty cash and go cash it anywhere. Another solution would be to have dual control prepare the checks for Leiser’s signature. Who knows what Betty is doing with all of the checks – she could lose one mistakenly or
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Unformatted text preview: purposely. Another idea would be to have more than one person maintain the cash register – there is too many people who embezzling or stealing in today’s world! Another idea would be to have everything under lock and key and dual control – so one person has a key and the other person knows the combination to the lock – that way they both have to be together in order to get any information out of a vault or a safe that it is kept it....
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