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Prepare funding for the treasurer

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Reference no: EM132668987

PADAMARA is a company that performs construction service work. It is known that in carrying out project costs, the following are the usual procedures for companies to do:

a. Prepare funding for the treasurer, when the cash in the treasurer runs out. Funds will be prepared and given by the Director of the Company to the Treasurer.

b. The treasurer makes expenses for all the expenses that occur

c. The treasurer records expenses every day, as well as in accounting work. The Accounting Department is the same person as the Treasurer

d. Treasurer work will be reported to the Project Manager, where the Manager performs field work simultaneously. Project Manager does not fully understand the science of cost accounting and supervision.

e. After the project is completed, the job of the Treasurer reports the financial statements to the Director. Likewise, the Project Manager's job is to do project reports to the Director.

In your opinion, what are the weaknesses of the company's internal control system? and please advise on these weaknesses.

Reference no: EM132668987

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