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Thread Owner
: Expensivejoy01
Internal control In small bussiness o safeguard it's assets, especially cash. The control usually provides that the work of one person will be reviewed and examined by another. The following are internal control applications commonly used in small firms.
*} Immediate recording of all cash
*} Deposit of cash intact
*}Use of petty cash fund entrusted to a petty cashier for all payments other than cheques.
*} Reconcilation of bank accounts monthly
*}Use if Daily Cash Report
*} Approval of disbursements, singing of cheques and bad debts write off.
*Annual audit by a chartered accountant on a retainer basis Careful selection of employees.
*} Immediate recording of all cash
*} Deposit of cash intact
*}Use of petty cash fund entrusted to a petty cashier for all payments other than cheques.
*} Reconcilation of bank accounts monthly
*}Use if Daily Cash Report
*} Approval of disbursements, singing of cheques and bad debts write off.
*Annual audit by a chartered accountant on a retainer basis Careful selection of employees.
