Summarise four measures that a company could put in place for safeguarding its cash balances

      

Summarise four measures that a company could put in place for safeguarding its cash
balances

  

Answers


Kavungya
1. Establishment of cash floats of specified amounts and locations
2. Appointment of officials responsible for each cash balances
3. Arrangement of security measures including use of safes and restrictions of access
4. Use of imprest systems with rules on reimbursement only against authorized
vouchers
5. Strict rules on authorizing of cash payments
6. Independent cash counts on a regular surprise basis
Kavungya answered the question on May 14, 2019 at 13:03


Next: State five controls of fixed assets in an organisation.
Previous: a) Explain the effectiveness of the following controls in preventing fraud in an organisation i. Segregation of duties. ii. Physical controls. b) Outline a suitable internal control system...

View More ATD Auditing Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions