Question and answer
Why do you think internal controls are so critical for keeping track of cash assets?
Internal controls for a business are similar to checks and balances in the government; they are processes put in place to make sure things stay on the right track. [ Internal controls are useful for every business but are critical for companies with employees, especially employees who handle valuable assets. Retail businesses in which customers have direct access to small products can also
benefit enormously from internal control procedures. While internal controls are crucial for helping you detect dishonesty, they can also help you reduce the risk that simple mistakes will keep you from seeing your company's true financial picture. ]
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Original conversation
User: Why do you think internal controls are so critical for keeping track of cash assets?

Weegy: Internal controls for a business are similar to checks and balances in the government; they are processes put in place to make sure things stay on the right track. [ Internal controls are useful for every business but are critical for companies with employees, especially employees who handle valuable assets. Retail businesses in which customers have direct access to small products can also benefit enormously from internal control procedures. While internal controls are crucial for helping you detect dishonesty, they can also help you reduce the risk that simple mistakes will keep you from seeing your company's true financial picture. ]
howareyou|Points 125|

User: What types of controls should a company implement with respect to managing its cash assets?

Weegy: Vetting Employees Cash control starts with people. Employees handling cash - - or cash equivalents including checks and credit card slips - - should be thoroughly vetted. [ Criminal record checks, drug screening and verifying previous employment can be parts of the vetting process. According to a Journal of Management and Marketing Research report on the impact of crime on business, "Background checks should also include a credit history report as some employees may resort to embezzling company funds when financial pressures from drug addiction, adultery, gambling or medical expenses seem insurmountable." Documenting Transactions Keeping receipts of cash transactions enables accurate bookkeeping and satisfies the IRS by creating what the U.S. Department of Commerce calls an "undisputable audit trail." Numbered, two-part receipts are ideal as they allow you to give one copy of the receipt to your customer and keep the other copy for your records. Regular counting of cash registers can help ensure accuracy. Printing calculators and receipt books can also be useful in documenting cash transactions. Read more: Methods of Internal Cash Control | eHow ]
Expert answered|wisbest|Points 2455|



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Asked 5/28/2013 2:03:55 PM
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