Problem
A. What is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board?
B. Why is it important to have a petty cash fund available in a company?
C. Is it required to have only one petty cashier or should the company appoint more than one person to administer the fund? Why?
D. Technology can be used to support a strong internal control system. Discuss how technology has improved the point-of-sale transactions.
E. What is the purpose of the bank reconciliation?
F. What should be done if differences are found between the bank statement and the book account?