For the Following Situation,state Whether It Represents a Strength or Weakness

question 255

Essay

For the following situation,state whether it represents a strength or weakness in internal control and give the reason for your answer.
The bookkeeper opens the mail,makes the deposit,and makes the journal entries to record receipt of the cash and checks.

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Definitions:

Fraud

The intentional deception or misrepresentation made by a person or entity to gain an unfair advantage or harm another party.

Misrepresentation

The act of giving false or misleading information about a material fact, which can lead another person to act to their detriment or alter their position.

Scienter

Knowledge of wrongdoing or fraudulent intent in legal contexts, essential for establishing liability in some cases.

Misstatement

An error or inaccuracy in a statement or document, which can be either unintentional or deliberate.