Rosenquist Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. a. All over-the-counter receipts are entered in cash registers. Human Resource Controls Segregation of Duties Establishment of Responsibility Independent Internal Verification Documentation Procedures Physical Controls b. All cashiers are bonded. C. Daily cash counts are made by cashier department supervisors. The duties of receiving cash, recording cash, and custody of cash are assigned to different individuals. d. Only cashiers may operate cash registers. e.
Rosenquist Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure. a. All over-the-counter receipts are entered in cash registers. Human Resource Controls Segregation of Duties Establishment of Responsibility Independent Internal Verification Documentation Procedures Physical Controls b. All cashiers are bonded. C. Daily cash counts are made by cashier department supervisors. The duties of receiving cash, recording cash, and custody of cash are assigned to different individuals. d. Only cashiers may operate cash registers. e.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 27CYBK
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