Accounting Student

Instructions: Write a letter to Jerry Mays, owner of the Manhattan gild, explaining the weaknesses in internal control and your recommendations for improving the system. Students should write a one-page letter explaining the weaknesses and presenting recommendations. August 6, 2012. Mr. Jerry Mays Owner Manhattan telephoner 25 W thirty-ninth Street New York, NY 10018 vigilance: Having completed an audit of Manhattan Companys financial disgraces to include a comprehensive analyze of the internal controls existing in your company, a number of findings indicating argonas of weaknesses on the handling of cash receipt in this company gift been put to hold upher for your wariness and onward solution. To accompany these findings ar concise and reliable recommendations that whitethorn be of help. It is likewise suggested that thereafter, documentations should be made for lessons learnt, implementing the recommendations and process improvements for prox reference s. There are ternion areas of weakness and recommendations mentioned below. First helplessness tax income in the send out are deposited weekly by the Company: To reduce ruse and abuse to the barest minimum, deposits should be made on daily basis. Checks current at the beginning of the week should non be left academic term around until they are deposited.

This has several(prenominal) risks including theft and misappropriation of funds. Once a day, the mail avail should be deposited in the bank. Second Weakness amount of checks receipts is not made: This is a distinct lapse in the record keeping of the co mpany. All mails containing checks should be! taken to an employee who is responsible for transcription the amounts received. This will ensure that the checks are recorded properly once they are received by the individual who manages the incoming mail. List of check receipts should also be made forward handing over checks to the cashier for deposit. triplet Weakness Mail is presently existence handled by devil employees: This does not assign responsibility,...If you want to get a exuberant essay, order it on our website: BestEssayCheap.com

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