Reference no: EM132525132
Question - The following control procedures are used at Jiminez Company for over-the-counter cash receipts.
1. All over-the-counter receipts are registered by four clerks who use a cash register with a single cash drawer (till).
2. To minimize the risk of robbery, cash in excess of $200 is stored in an unlocked drawer in a desk in the back room.
3. Each clerk counts his/her own receipts at the end of the day and reconciles that amount to the cash register total.
4. A bookkeeper prepares a journal entry to record the day's cash receipts, and then deposits the receipts in the bank.
5. To save funds, cashiers do not get vacation days.
Required -
(a) For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
(b) For each weakness, suggest a change in procedure that will result in good internal control.
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