Another effective internal control is the two person rule. Ideally two people process the cash receipts together, generate the ledger together and fill out the forms together. Once the total deposit is calculated, the deposit can be made by one person.
All businesses should have internal controls to deter fraud, detect theft, and preserve assets. Of all the assets, cash is the easiest to misappropriate. Effective internal controls for cash prevent the proverbial hand in the […]