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Unfortunately, not all employees are honest; some steal, damage inventory or embezzle funds. Good systems of internal control make it very difficult for these kinds
Unfortunately, not all employees are honest; some steal, damage inventory or embezzle funds. Good systems of internal control make it very difficult for these kinds of things to happen, and make it easier to detect when they do happen. This is a problem with cash-based businesses such as gasoline retailers, dollar stores and small businesses. Given your extensive knowledge in accounting and internal control you have been placed in charge of the finances for a school fundraiser selling school clothing. You have a team of 4 employees to help you, and the students in your school will be the ones selling items and returning cash to your team. What specific controls would you put in place in order to make sure all finances are properly accounted for and safe-guarded
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