$10.00 BYP8-5 As a new auditor for the CPA firm of Croix, Marais and Kale (detailed memo given)Found in Business: Accounting
Chapter 8, # 5
BYP8-5 Communication Activity
As a new auditor for the CPA firm of Croix, Marais and Kale, you have been assigned to review the internal controls over mail cash receipts of Manhattan Company. Your review reveals the followings:
Checks are promptly endorsed “For Deposit Only,” but no list of the checks is prepared by the person opening the mail. The mail is opened either by the cashier or by the employee who maintains the accounts receivable records. Mail receipt are deposited in the weekly by the cashier.
INSTRUCTION: Write a letter to Jerry Mays, owner of the Manhattan Company, explaining the weaknesses in internal control and your recommendations for improving the system.
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- Posted on Jan. 31, 2012 at 10:40:09AM