Question
Internal control is necessary in an organization to protect assets from human error, electronic malfunctions, or theft. Internal control practices also promote precise recordkeeping, timely
Internal control is necessary in an organization to protect assets from human error, electronic malfunctions, or theft. Internal control practices also promote precise recordkeeping, timely financial statements, and comply with laws and regulations, all of which encourage efficient operations (Annand, 2018, p. 266). Because of its infrequent use and accessibility, Petty Cash can be easily manipulated if internal controls are not enforced. There are many controls that can be utilized to safeguard the accuracy of petty cash accounts, Maurano (2018) suggests the following five ways:
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1 Segregation of Duties Segregation of duties may be a key control intended to attenuate the occurrence of errors or fraud by ensuring that no employee has the power to both perpetrate and conceal err...Get Instant Access to Expert-Tailored Solutions
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