Micro Chip Corporation (MCC)has a Special Post Office Box to Which

Essay

Micro Chip Corporation (MCC)has a special post office box to which customers send their payments.Chris is responsible for:
• Going to the post office every day.
• Emptying the post office box and removing the mail.
• Opening the mail.
• Making a prelist.
• Sending the remittance advices to accounts receivable.
• Sending the checks to the cashier's office.
Chris has opened a business account for Master Cleaning Company (MCC)at the bank.Several of Micro Chips checks are made out with only the initials MCC.Chris selects certain checks made out only with the initials MCC and deposits them in the business account and then destroys the remittance advice.
a.Name two controls that would prevent or detect this fraud.
b.Name two audit procedures that might detect this fraud.