Give an example of a procedure that would provide a good internal control for cash. There...

Give an example of a procedure that would provide a good internal control for cash. There are many correct answers to this question. You should give just ONE and be SPECIFIC. please help

Expert Solution

Accountability,Authorisation and Approval:- It is one of the best procedure for good internal control system of cash. accountability of cash gives the clear information about whether the cash is properly documented and secured, and also get to know about the proper cash handlers.

if proper cash accountability exist then it is possible to check about the access of cash i.e, who has access of cash, where the cash is placed,what transactions are occured from begging to end of the day etc,. One must maintain proper and best accountability.

To maintain the perfect accountability the following should be practiced:

recording of cash recieved immediately when recieved
different drawers for different cashiers to maintain cash
verifying of cash reciepts and vouchers by supervisor
proper recording of cash when given to the cashier and checking the cash left at the end of the day with the cashier. and comparing with them with the transactions of the day

after the cah transactions are accounted for they should be properly authorised from the management and approval from the higher authority must be taken so that errors and mistakes can be detected on the same day. which gives good internal control

ekkarill92 answered 1 year ago

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