Reference no: EM132774001

Problem 1: The owner of Zeke's Landscaping Designs just hired an office manager to handle all the office functions for him. Among other responsibilities, the office manager will handle key accounting functions such as processing customer payments, writing cheques to employees to pay the payroll, handle daily bank deposits at the bank, pay suppliers, and reconcile the company bank account bank reconciliations. What internal cash control practice is being overlooked by the owner?

1) Making daily cash deposits

2) Frequent preparation of bank reconciliations

3) Separation of cash payment from cash disbursement function

4) Ensuring all cash disbursements are tracked by making payments by cheque

5) Performing external audit