You Have Documented the Internal Control System for Cash and Have

question 13

Essay

You have documented the internal control system for cash and have written a memo describing the controls that are in place.There are several internal control procedures available to management in designing an internal control system.Identify the internal controls that management has used based on the documentation provided below.Write a short description after each identified control indicating what audit procedures you would use to test the control.

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Definitions:

Good Batteries

Functioning energy sources designed to provide power to devices without immediate need for recharging or replacement.

Random Variable

A mathematical function that assigns values to outcomes of different events, especially in the context of probability and statistics.

Rainy Days

Days on which a significant amount of precipitation falls, typically resulting from cloud formations.

Random Variable

A variable whose possible values are numerical outcomes of a stochastic process or a random experiment.