Accounting Student

Instructions: Write a garner to Jerry Mays, owner of the Manhattan gild, explaining the weaknesses in internal control and your recommendations for improving the system. Students should write a one-page letter explaining the weaknesses and presenting recommendations. August 6, 2012. Mr. Jerry Mays Owner Manhattan play along 25 W thirty-ninth Street New York, NY 10018 vigilance: Having completed an audit of Manhattan Companys financial disgraces to include a comprehensive follow of the internal controls existing in your company, a number of findings indicating atomic number 18as of weaknesses on the handling of cash receipt in this company take a crap been put to hold upher for your wariness and onward solution. To accompany these findings atomic number 18 concise and reliable recommendations that whitethorn be of help. It is alike suggested that thereafter, documentations should be made for lessons learnt, implementing the recommendations and process im provements for prox references. There are collar areas of weakness and recommendations mentioned below. First failing tax income in the ship are deposited weekly by the Company: To reduce prank and abuse to the barest minimum, deposits should be made on daily basis. Checks veritable at the beginning of the week should non be left seated around until they are deposited.

This has several(prenominal) risks including theft and misappropriation of funds. Once a day, the mail avail should be deposited in the bank. Second Weakness amount of checks receipts is not made: This is a microscopic lapse in the recor d keeping of the company. All mails containi! ng checks should be taken to an employee who is responsible for transcription the amounts received. This will ensure that the checks are recorded properly once they are received by the individual who manages the incoming mail. List of check receipts should also be made forward handing over checks to the cashier for deposit. triad Weakness Mail is presently existence handled by 2 employees: This does not assign responsibility,...If you want to get a replete essay, order it on our website: BestEssayCheap.com

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