Evaluate internal control over cash receipts

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Reference no: EM13745979

(Learning Objective 4: Evaluate internal control over cash receipts) McIntosh stores use point-of-sale terminals as cash registers. The register shows the amount of each sale, the cash received from the customer, and any change returned to the customer. The machine also produces a customer receipt but keeps no record of transactions. At the end of the day, the clerk counts the cash in the register and gives it to the cashier for deposit in the company bank account.

Write a memo to convince the store manager that there is an internal control weakness over cash receipts. Identify the weakness that gives an employee the best opportunity to steal cash, and state how to prevent such a theft.

Reference no: EM13745979

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