Discuss douglas and son internal control procedures

Reference no: EM131520098

Question: Douglas and Son, Inc., uses the following process for its cash receipts: The company typically receives cash and check sales each day and places them in a single drawer. Each Friday, the cash clerk records the amount of cash received and deposits the money in the bank account. Each quarter, the controller requests information from the bank necessary to prepare a bank reconciliation.

Required: Discuss Douglas and Son's internal control procedures related to cash receipts, noting both weaknesses and strengths.

Reference no: EM131520098

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