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Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts Salesclerks are not required to enter the
Determine whether each cash receipts procedure is an internal control strength or weakness. Strength or Weakness Cash receipts Salesclerks are not required to enter the sale in the register after each transaction. Instead, the company gives employees flexibility to enter sales at the end of the day or week. The recordkeeper of cash transactions is also in charge of depositing cash receipts in the bank. One employee with many years of experience is solely in charge of opening cash receipts received by mail. All sales transactions, even those for less than $1, are recorded on a cash register. 5. Two employees are tasked with opening mail that contains cash receipts. 6. Cash registers have a permanent, locked-in electronic record of each transaction
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