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:

Negotiation

A dialogue between two or more parties aimed at reaching a mutually beneficial agreement or resolving a dispute.

Resistance To Change

The unwillingness to accept or adapt to changes within an organizational or personal setting.

External Environment

The conditions, entities, events, and factors outside an organization that influence its activities and choices.

Customer-Friendly

Practices or attributes that make interactions with customers positive, satisfying, and conducive to loyalty.