Internal Controls Revision Consider the List of Internal Control Weaknesses Listed Below. Revise

Essay

Internal controls revision
Consider the list of internal control weaknesses listed below. Revise each one to make it stronger.
a. Any employee in a firm can sign checks.
b. Checks from clients can be made out to the firm or any of the partners individually.
c. One of the partners deposits all credit card receipts and checks in the bank at the end of each month.
d. Signature cards, which specify who can sign checks, are re-done only when a new employee is hired.
e. The cash receipts clerk reconciles the bank statement.