'Assignment Internal Cash Control Essay\r'

'The weaknesses in the internal obligate over interchange disbursements atomic number 18, thither should be only angiotensin-converting enzyme person in charge of writing the reserves for individu altogethery task, and in that location should be acted stigmatizes for both people so that the funds spend dejection be tracked easier, the cabinets were the checks are stored should be dickens locked cabinets, one for each person who writes the checks. memoranda: I would recommend that to defy a better control over specie paid and items purchased, that you start having numbered checks in twain separate ac debates, one account for the treasurer and one account for the purchasing agent.\r\nThis system willing sustain it easier for moth parties to avoid mistakes, and it will too be easier to verify cash pass and acquire. P4-1A The internal control principles apply by the Guard Dog corporation are, numbered checks so that the compevery has a number trail to monitor cas h dispersment. for each one check must hold back boon from Jane Bell, and Dennis Kurt before a check kindle be issued, this is an establishment of responsibility to get a line that non just allone ion the company can write checks.\r\nChecks must be write by either Tom Kimball, the treasurer, or Karen Thews, the suspensor treasurer. Before signing a check, the signer is expected to compare the sum ups of the check with the measures on the report, this is also a hit of establishment of responsibility and both of these procedures are a engage of documentation procedures. aft(prenominal) signing a check, the signer stamps the invoice â€Å"paid” and inserts within the stamp, the go out, check number, and amount of the check. The â€Å"paid” invoice is then send to the history department for recording.\r\nBy doing this it is a way of verifying company cash dispersment and documentation control. Blank checks are stored in a safe in the treasurer’s of fice. The combination to the safe is cognise by only the treasurer and assistant treasurer. By locking the checks in a safe it establishes responsibility for the checks, and uses a Physical, mechanical, and electronic controls to narrow down any check problems to one source. Each month the depose statement is reconciled with the bank vestibular sense per al-Qurans by the assistant chief accountant.\r\nBy doing this it establishes document control, this way any discrepancies in the amount paid can be verified. Indicate the weaknesses in internal ac figuring control in the handling of battle arrays. The weaknesses in the handling of collections are the way the specie is deposited, the way the checks are made erupt and the way the gold is verified and deposited. P4-2A magnetic dip the correctments in internal control procedures that you design to reconstruct at the next coming together of the audit team for (1) the ushers, (2) the head usher, (3) the monetary secretaire, and (4) the finance committal.\r\nThe improvements the ushers need to make is that aft(prenominal) each offering they should individually count their own collected baskets and pound there amount in an offering log book, so that there is less path for error in the next step. By handing all the baskets to the head usher without counting the property themselves, the head usher can offer any amount on his final deposit. The improvements the head usher call for to make is to make sure that each usher counts their baskets, and that the head usher counts all the baskets and checks for discrepancies to make sure that no one is pocketing any money.\r\nThe head usher should also check the amount given to him/her against what is indite in the offering log. Have a book to log the amount of money that is put into the safe so that it is logged in a way that can be verified by the committee, a differentiation is not a safe system because it can be thrown out, by logging in a book it is easier to find were the discrepancies came from. The improvements the pecuniary secretary should make is that he/she should bind a hark of what needs to be paid and make a log of the amounts that need paid and to make sure the receipts are logged along with whatever bills or run that needed to be paid that week.\r\nThe financial secretary should also verify the amount of money in the safe against the log that is kept by the ushers. The financial committee should show a more small list of what expenditures are needed each month so that the financial secretary knows what is needed for defrayal that month. They should also be involved in verifying the churches income. To improve internal control the church should have a log for money received during offerings, they should tell the congregation to make the checks payable to the church or to the account holder that the checks are deposited into, because anyone can cash a check made out to â€Å"cash”.\r\nThe church should also verify that any money not deposited from the offering was spent properly and not used for in-person things. Include how a company could use the five basic principles of cash focussing to increase accuracy for a business. A company can increase the collection of receivables by offering incentives for quick payment from their customers. A company can contain the payment of liabilities and bills to close to the collect date of the liability or bill, so that if any expenditure is needed before the due date they will not have spent the money too early.\r\nA company can keep chronicle number 1 on the merchandise that does not sell quickly, so that the company has money for the merchandise that is popular and selling fast. A company that wish to expand should bide until they have excess money in a slow season so that they can expand their business and have new locations open in metre for their busy season. A company should deck money that is sitting idle into low risk compani es’, the most common micturate of liquid investments is interest-paying U. S. government securities.\r\n'