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)
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ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
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Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
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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
b.
All cashiers are bonded.
Documentation Procedures
Physical Controls
C.
Daily cash counts are made by cashier department supervisors.
The duties of receiving cash, recording cash, and custody of cash are assigned to
d.
different individuals.
e.
Only cashiers may operate cash registers.
Transcribed Image Text: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 b. All cashiers are bonded. Documentation Procedures Physical Controls C. Daily cash counts are made by cashier department supervisors. The duties of receiving cash, recording cash, and custody of cash are assigned to d. different individuals. e. Only cashiers may operate cash registers.
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