E5-2 Identifying Financial Reporting Control Objectives [LO 5-1, LO 5-2]

Your student club recently volunteered to go door-to-door collecting cash donations on behalf of a local charity. The charity's accountant went berserk when you said you wrote receipts only for donors who asked for one.

Required:

Identify the control principle that you violated.

Restrict access

Segregate duties

Establish responsibility

Document procedures

Independently verify