Instructions: Write a letter to Jerry Mays, owner of the Manhattan gild, explaining the weaknesses in internal control and your recommendations for up(a) the system. Students should write a one-page letter explaining the weaknesses and presenting recommendations. August 6, 2012. Mr. Jerry Mays Owner Manhattan companion 25 W 39th Street New York, NY 10018 forethought: Having completed an audit of Manhattan partnerships financial disgraces to overwhelm a comprehensive reexamine of the internal controls existing in your company, a number of findings indicating atomic number 18as of weaknesses on the handling of cash pass in this company eat up been put to hold upher for your caution and onward solution. To accompany these findings ar concise and reliable recommendations that may be of help. It is also suggested that thereafter, documentations should be do for lessons learnt, implementing the recommendations and process improvements for proximo references. There are trinity areas of weakness and recommendations mentioned below. First Weakness revenue enhancement income in the escape are deposited weekly by the Company: To reduce fraud and shout to the barest minimum, deposits should be made on daily basis. Checks reliable at the beginning of the week should non be left sitting more or less until they are deposited.
This has several(prenominal) risks including theft and peculation of funds. Once a day, the mail avail should be deposited in the bank. Second Weakness amount of checks returns is not made: This is a visible lapse in the record keeping of the company. every mails containing checks should be taken to an employee who is trus tworthy for transcription the amounts received. This will experience that the checks are recorded the right way once they are received by the individual who manages the submission mail. List of check benefit should also be made forward handing over checks to the bankrupt for deposit. Third Weakness Mail is shortly existence handled by two employees: This does not assign responsibility,...If you penury to get a undecomposed essay, order it on our website: Ordercustompaper.com
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