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 attach to 25 W thirty-ninth Street New York, NY 10018 vigilance: Having completed an audit of Manhattan Companys financial disgraces to include a comprehensive revue of the internal controls existing in your company, a number of findings indicating aras of weaknesses on the handling of cash receipt in this company charter been put to hold upher for your wariness and onward solution. To accompany these findings be concise and reliable recommendations that whitethorn be of help. It is to a fault suggested that thereafter, documentations should be made for lessons learnt, implementing the recommendations and process improvements for prox reference s. There are trio areas of weakness and recommendations mentioned below. First flunk tax income in the get away are deposited weekly by the Company: To reduce fraud and abuse to the barest minimum, deposits should be made on daily basis. Checks trus 2rthy at the beginning of the week should non be left academic term 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 panoptical lapse in the record keeping of the company. All ma ils containing 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. one-third Weakness Mail is presently existence handled by two employees: This does not assign responsibility,...If you want to get a generous essay, order it on our website: OrderCustomPaper.com

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