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Question 24 Based on the following narrative, Identity THREE risks/threats/weaknesses specifically relating to the cash disbursements cycle for Best Company. For each of the weaknesses
Question 24 Based on the following narrative, Identity THREE risks/threats/weaknesses specifically relating to the cash disbursements cycle for Best Company. For each of the weaknesses that you Identity, recommend a relevant control procedure for that weakness. If you provide more than three answers. I will grade the best of the ones you provide with an opportunity to earn extra points. You must use complete sentences! Narrative: Cash disbursements: The cashier (in charge of disbursing cash) reports to the controller. On a weekly basis, the cashier receives approved voucher packages from the A/P department, which also reports to the controller. Based on the approved details in the invoice, the cashier initiates an ACH in the online banking system to pay the vendor. The ACH is then automatically processed by the bank. The cashier then returns the voucher package to the A/P department. The A/P department then records the payment in the accounting journal to indicate that the payable and cash have both been reduced the A/P subsidiary ledgers are also updated to reflect the payment. Bank Reconciliation: On a monthly basis the cashier prepares a bank reconciliation. The bank reconciliation is reviewed by the controller. Edit View Insert Format Tools Table 12pt Paragraph BIU er per MacBook Air
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