Reference no: EM132615269

A photography and film studio. The company would have a receptionist, two directors, and a film crew. The company's purpose is to be able to capture our client's memories and be able to develop into a national studio such as Paramount or Universal.

• There are two different procedures that would apply for protecting cash. Those are good recordkeeping and technological controls. These two methods will allow me to cover all the bases for the transactions made within the company.
• The technological control applies to the register and bank account procedures. For instance, the way to get into the register and the bank account would be to have ID scanners and specific passwords to allow authentic workers to have access. This is a process that chose because it will avoid the chance of getting scammed or robbed by an outsider.
• Good recordkeeping is very important when making transactions, that is why it can help with protecting the money in the register, vault and as well as the bank account. This allows the company to know where the money went, who was last to control the money, and what amount is needed. A great way of doing that is having check-in and sign out sheet, this will record all the actions made. Also, recording transaction from the register is also a key step into this process.
• Internal control helps disbursements and cash receipts by keeping the copies of the transaction and recording the data as well. When information like that is saved, it helps the company understand where all the money was gained and lost.
• Internal control is a very helpful tool when it comes to protecting the cash. It allows the company to reduce as much risk as possible with processes that require things such as work IDs, authentication, and many other things in that nature. Personally, it is something that will pay close attention to for my company.

Question 1: What two specific activities/duties would you separate in your particular business?