Feedback 1
please answer these separately. You also need to consider the Office Managers role and what weaknesses exist there.
Feedback 2
” Q3b and 3c – please again review the Office Managers role and consider whether they require further separation of duties in their responsibilities. What controls should be in place to ensure the Office Manager is not acting dishonestly?”
Please refer following submitted answer for your reference,
Part (b)
• Batching process at the end of each day is inefficient and should be done in real time.
• Nobody is double checking cash receipt and batch details in the computer accounting system are tally up.
• When office manger opens the mail no one prepare a prelist of mail receipts.
The copies of prelists are not forwarding to the accounts section
• Too much trust on one person to send the bank.
• Office Manager needs to validate clerk’s input data before preparing the accounting information. Because all the company decisions depending on this information system.
• Before approve the bad debts write offs the office manager has to make sure there was no possible options to recover these debts
Part (c)
Set up mail-log and pre-list of all receipts received – The mail log could include items such as the customers’ names, amounts, and invoices being paid. This log should then be used to compare to that day’s deposit slip as well as when reviewing a customer’s account. The important control here is that the mail log is compared to the deposit slip, details in the cash book, or a customer’s individual account by an employee who has no access to cash. For example, a company could have an administrative assistance keep the mail log, the controller could then prepare the deposit slip and apply the payments, and then office manger could review and compare the mail log to the deposit slip and payments applied in the system.
Avoid placing too much trust and responsibility in any one person. All the receipts and deposit list should be sent to a responsible person other than the clerks.
Implement a lock box system. Used correctly, lock boxes may improve cash flows, and may improve controls over cash receipts because personnel involved in the accounting function do not have direct access to cash. If you implement a lock box system, an employee who has no access to cash should review periodically the lock box receipts with the customer’s individual accounts to make sure payments are applied properly. With this control you are eliminating the risk that is associated with having the same individual who handles the cash also apply payments to customer accounts.
lock box system, an employee who has no access to cash should review periodically the lock box receipts with the customer’s individual accounts to make sure payments are applied properly. With this control you are eliminating the risk that is associated with having the same individual who handles the cash also apply payments to customer accounts.
lock box system, an employee who has no access to cash should review periodically the lock box receipts with the customer’s individual accounts to make sure payments are applied properly. With this control you are eliminating the risk that is associated with having the same individual who handles the cash also apply payments to customer accounts.
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