The following control procedures are used at Melora Company for over$-$the$-$counter cash receipts.

a$.$ To minimize the risk of robbery, cash in excess of $$100$ is stored in an unlocked briefcase in the stock room until it is deposited in the bank.

b$.$ All over$-$the$-$counter receipts are registered by three clerks who use a cash register with a single cash drawer.

c$.$ The company accountant makes the bank deposit and records the day's receipts.

d$.$ At the end of each day, the total receipts are counted by the cashier on duty and reconciled to the cash register total by the cashier.

e$.$ Cashiers are experienced; they are not bonded.

INSTRUCTIONS:

For each procedure, explain the weakness in internal control, and identify the control principle$/$element that is violated.

For each weakness, suggest a change in procedure that will result in good internal control.

USE A COMPLETE SENTENCE FOR WEAKNESSES AND RECOMMENDATIONS.

Elements of Internal Control

Establish responsibility

Documentation of Procedures

Independent Internal Verification

Separation of Duties

Physical, Mechanical and Electronic Controls

Human Resource Controls

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