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As the senior accountant, the chief financial officer (CFO) has asked you to assemble a team to develop the internal controls for cash receipts and
As the senior accountant, the chief financial officer (CFO) has asked you to assemble a team to develop the internal controls for cash receipts and cash disbursements. The organization receives customer payments daily that are mailed to a central lockbox. Vendor payments are made once a week. All vendor invoices are received by mail. There are five employees in the accounting department, including yourself. Explain the members of the organization whom you would place on the team, and explain how the team would work together to develop the internal controls. Describe the internal control structure that the team would propose
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