Question and answer
What are two examples of strong and weak internal controls in organizations where you have worked or have firsthand knowledge and how are these different?
I once worked for a chain retailer with a small staff most of the time. During closing whoever was available would assist in the close outs of the registers. [ The money was sometimes counted out by myself and another manager due the fact we have 4 registers. However, after we would count each other’s registers for back up. We each had to sign the deposit slip and the money bag. At the end
of the night the money bags were placed in the safe tile morning when someone else would come in and make the deposit. I thought that there should only have been one person in charge of closing out all four registers while the other person recounted the goods. If possible we should have had a third party to witness the transaction, but that wasn’t always the case. Moreover, the floor managers should have had a better knowledge of the petty cash other just our store manager. I feel this would have left less room for theft and temptation as we had already lost one store manager prior. She stole petty cash from the store and merchandise for 8 years. There was no one to regulate her internally. In the past I have worked for a small business where they would have two people close out the register at closing time, they would also have more than one employee working on the same register which I did not like because when the register would come up short it was hard to detect who was on the register at the time. The things that I would do to improve the controls would be to have only one person to close out the register and also add another register so that the employee's were not using the same register. I would also have the employee's count their register before and after their shift and then have another to confirm what they counted. ]
Expert answered|yhenbona|Points 0|
Question|Rated good
Asked 10/6/2012 12:06:49 AM
0 Answers/Comments
Ask a question
Not a good answer? Get an answer now. (FREE)
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Home | Contact | Terms | Privacy | Social | ©2013 Purple Inc.
Popular Conversations
what is anthropology
Weegy: Anthropology is the study of humankind, past and present, that draws and builds upon knowledge from social and ...
4/16/2014 3:13:10 AM| 3 Answers
Twenty-seven is 25% of a0.
Weegy: 15% of 25 is 3.75 User: what is 27 times 4 Weegy: You can factor the second part by using factors of 27 that ...
4/16/2014 3:46:34 AM| 3 Answers
Write the equation that satisfies the given conditions. The line ...
Weegy: The equation of the line that passes through (4, -1) and (-2, 3) is y = 5/3 - (2 x)/3 User: Write the equation ...
4/16/2014 12:10:38 PM| 3 Answers
What is the factored form of the expression? 4x2 – 81y2 A. ...
Weegy: 4x^2 ? 81y^2 the factored form is: B. (2x + 9y)(2x ? 9y)
4/16/2014 3:29:22 AM| 2 Answers
What is an S corporation?
Weegy: In a general sense, a corporation is a business entity that is given many of the same legal rights as an actual ...
4/16/2014 7:46:05 AM| 2 Answers
Which acid is used in batteries?
Weegy: A battery can change chemical energy to electricity by putting certain chemicals in contact with each other in a ...
4/16/2014 8:08:51 AM| 2 Answers
Weegy Stuff
S
L
P
C
P
C
1
L
P
C
Points 1369 [Total 9250]| Ratings 0| Comments 1369| Invitations 0|Offline
S
L
P
C
L
P
C
Points 1301 [Total 6688]| Ratings 0| Comments 1301| Invitations 0|Offline
S
1
L
1
L
P
Points 412 [Total 7089]| Ratings 1| Comments 402| Invitations 0|Offline
S
L
Points 341 [Total 2788]| Ratings 2| Comments 311| Invitations 1|Offline
S
Points 138 [Total 554]| Ratings 0| Comments 138| Invitations 0|Offline
S
1
Points 137 [Total 467]| Ratings 3| Comments 107| Invitations 0|Offline
S
R
Points 96 [Total 208]| Ratings 5| Comments 36| Invitations 1|Offline
S
Points 92 [Total 736]| Ratings 1| Comments 82| Invitations 0|Offline
S
Points 86 [Total 86]| Ratings 4| Comments 26| Invitations 2|Offline
S
P
C
L
P
Points 76 [Total 3921]| Ratings 0| Comments 76| Invitations 0|Offline