Which of the following is an example of a proper internal controls strategy? (A) Segregating the responsibilities of the Teller and Associate Pastor (B) Segregating the responsibilities of the Treasurer and Financial Secretary (C) Segregating the responsibilities of the Preschool Principal and Preschool Teacher (D) Segregating the responsibilities of the Pastor and Choir Director All the following are best practices to handle cash EXCEPT: (A) Make sure cash handling duties are segregated. (B) Make adjustments to the cash handling process under different situations. (C) Follow a strict schedule to deposit, count, and balance cash. (D) Limit the employees who handle cash.
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Internal controls are processes and procedures put in place to help ensure the integrity of financial and accounting information, promote accountability, and prevent fraud. Segregation of duties is a key component of internal controls, ensuring that no single Show more…
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