Identify the weak link in internal control


Response to the following problem:

The procedures used for over-the-counter receipts are as follows. At the close of each day's business, the sales clerks count the cash in their respective cash drawers, after which they determine the amount recorded by the cash register and prepare the memorandum cash form, noting any discrepancies.

An employee from the cashier's office counts the cash, compares the total with the memorandum, and takes the cash to the cashier's office.

a. Indicate the weak link in internal control.

b. How can the weakness be corrected?

 

Request for Solution File

Ask an Expert for Answer!!
Auditing: Identify the weak link in internal control
Reference No:- TGS02131333

Expected delivery within 24 Hours