The Gotham Art Museum is a small private museum. It controls admissions via the following procedures. A guard is positioned at the entrance. The guard collects a $5 admission fee from visitors.

At the end of the day, the guard delivers the proceeds to the treasurer. The treasurer counts the cash in the guards presence and places it in a lockable cash box in a desk drawer. Each Friday afternoon the treasurer and the guard deliver all of the cash held in the safe to the bank; they receive an authenticated deposit slip which provides support for the weekly entry in the cash receipts journal, which the treasurer then posts.

The above are the only procedures for cash admissions.

Evaluate the controls over cash admissions.

What could go wrong?

(AICPA adapted)