The Following Internal Control Procedures Are Used by Brooks Company

question 64

Essay

The following internal control procedures are used by Brooks Company for cash receipts and disbursements:
1. Cashiers receive all over-the-counter receipts and place the cash into a single cash drawer.
2. When cash in the drawer exceeds $500, it is placed in an envelope marked "cash" and stored in a drawer in the supervisor's office.
3. The company's accountant makes daily bank deposits.
4. The clerk in the receiving department authorizes all payments for purchases.
5. Blank cheques are kept in the main office.
Instructions
For each of the above procedures, explain the weakness in internal control, identify the control policy or procedure violated and suggest a change in procedure that will result in better control.

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Definitions:

Objects

Physical items or entities that can be perceived by the senses.

Gender Development

The process by which individuals develop their gender identity and learn the roles and behaviors considered appropriate for their gender in their culture.

Learning Influence

The impact that various factors, such as environment, experience, and education, have on the process of acquiring new knowledge or skills.

Gender Specific Clothing

Apparel designed and marketed to be worn by individuals of a specific gender, often based on societal norms and expectations regarding gender roles.