As anew auditor for the CPA firm of Ticke and Tie, you have been assigned to review
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As anew auditor for the CPA firm of Ticke and Tie, you have been assigned to review the internal controls over mail cash receipts of Rangel Company. Your review reveals that checks are promptly endorsed “For Deposit Only,” but no list of the checks is prepared by the person opening the mail. The mail is opened either by the cashier or by the employee who maintains the accounts receivable records. Mail receipts are deposited in the bank weekly by the cashier.
Instructions Write a letter to S.A. Forness, owner of the Rangel Company, explaining the weaknesses in internal control and your recommendations for improving the system.
ETHICS CASE
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Related Book For
Financial Accounting Tools For Business Decision Making
ISBN: 9780471730514
4th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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