Question

In: Finance

2.4 Mancosa students make cash payments for student fees on the 1st floor in Durban. Discuss...

2.4 Mancosa students make cash payments for student fees on the 1st floor in Durban. Discuss how effective segregation of duties can be implemented relating to this cash if there are three staff employed in the finance office.

Solutions

Expert Solution

It is very important to seggragate jobs in one department for the purpose of reducing errors and fraud. We know that it is always better to allocate jobs to different individuals and try to avoid concentration of works in one hand. When a single person carries all works himself, the there will be high chance of errors or frauds. At the same time if there are another people involved the it is impossible for someone to make fraudulent activity.

So here in this case the student fees are paid in the first floor in Durban. There are three staffs in the office. So we can allot different jobs for the different person. For example here we can make the seggregation like we can appoint one person for the collection of the fees and he is entitled to the cash collection department. He have only the right to collect cash and transfer it to the second person. The the other person need to verify whether the amount is correct and everything is okey. After the proper verification he can transfer this money to the thirs person and he can do the rest of things like putting this amount into proper account and final correction of the files like that. So here no one can make a fraud because the money is transfered through different parties and so that there will be less risk and less chance of fraud. This how we can segragate the jobs and reduce the errors.

ThankYou........


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