Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help for group discussion! Cash Controls ERSTE CBD Internal Control and FRAUD PREVENTION GOT Jim Sullivan owns Auto Spa, an automated car wash and
Need help for group discussion!
Cash Controls ERSTE CBD Internal Control and FRAUD PREVENTION GOT Jim Sullivan owns Auto Spa, an automated car wash and car detailer. Auto Spa also sells snacks and gift items in its waiting area. Auto Spa has one cash register, where all payments from customers are received. There is a $400 change fund in the cash register. There are two cash register clerks, George and Alice, who work two different shifts during the day. Jim prints out a cash register tape at the end of the day, but doesn't compare it to the deposit Jim noticed an increase in business during the first week of August, but the bank deposits were less than Jim thought they would be. He contacted you for advice. By comparing the sales per the cash register tapes to the bank deposits, you find approximately $840 missing from the bank deposits for the first week of August. What controls should Jim implement to prevent this fraud from occurring in the future Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started