BE8-3 The Miramichi Company has the following internal control procedures over Identify the internal control principle that is applicable to each procedure. 1. All over-the-counter receipts are recorded on cash registers. 2. All cashiers are bonded. W 3. Daily cash counts are made by cashier department supervisors. indep-verification 4. The duties of receiving cash, recording cash, and maintaining custody of cash are assigned to different individuals. see 5. Only cashiers may operate cash registers. arcation 6. All cash is deposited intact in the bank account daily station procedue
BE8-3 The Miramichi Company has the following internal control procedures over Identify the internal control principle that is applicable to each procedure. 1. All over-the-counter receipts are recorded on cash registers. 2. All cashiers are bonded. W 3. Daily cash counts are made by cashier department supervisors. indep-verification 4. The duties of receiving cash, recording cash, and maintaining custody of cash are assigned to different individuals. see 5. Only cashiers may operate cash registers. arcation 6. All cash is deposited intact in the bank account daily station procedue
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 27CYBK
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Transcribed Image Text:BE8-3 The Miramichi Company has the following internal control procedures over cash receipts.
Identify the internal control principle that is applicable to each procedure.
1. All over-the-counter receipts are recorded on cash registers.
2. All cashiers are bonded. W
3. Daily cash counts are made by cashier department supervisors.
4. The duties of receiving cash, recording cash, and maintaining custody of cash are assigned to
indep-verification
different individuals.
5. Only cashiers may operate cash registers. arcation
6. All cash is deposited intact in the bank account daily, dotation.
procedure
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