Internal Controls Revision Consider the List of Internal Control Weaknesses Listed Below. Revise

question 23

Essay

Internal controls revision
Consider the list of internal control weaknesses listed below. Revise each one to make it stronger.
a. Any employee in a firm can sign checks.
b. Checks from clients can be made out to the firm or any of the partners individually.
c. One of the partners deposits all credit card receipts and checks in the bank at the end of each month.
d. Signature cards, which specify who can sign checks, are re-done only when a new employee is hired.
e. The cash receipts clerk reconciles the bank statement.

---

Definitions:

Null Hypothesis

The null hypothesis is a statistical hypothesis that assumes no significant difference or effect exists between specified populations, conditions, or variables.

Error Variance

The variability in a set of scores that is not explained by the variables studied, often considered as 'noise' in data.

Individual Scores

Individual scores are the specific values or results obtained by an individual on a test or assessment, reflecting their performance or ability in a particular area.

Group Means

The average values obtained from the data of individuals within groups, used to compare and analyze the characteristics of different clusters in a study.