This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Bonds on employees who handle cash Mandatory vacations and job rotation Internal Controls for E-Commerce Risks of online business Stolen credit cards Computer viruses Phishing Security measures Encryption Firewalls Limitations of Internal Control Collusion Two people working together can circumvent system Cost Company must weigh the benefits of controls with the cost Bank Account as Control Keeping cash in a bank account safeguards the asset Bank account documents provide controls Signature card Deposit tickets Checks Bank Statements Electronic Funds Transfer (EFT) Bank Reconciliation Process to update cash account Book Balance Cash account in General Ledger Bank Balance Cash amount according to bank statement Amounts dont equal due to time lags in recording transactions...
View Full Document