acc220_appendix_b

Apr 16th, 2015
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Axia College MaterialAppendix BCash Management MatrixDirections: Using the matrix, listhow each of the principles of internal control works, and give an example for each. Next, list how each of the principles of cash management works, and give an example for each.Principles of Internal ControlHow it WorksExampleEstablishment of responsibilityThis is when a company gives certain responsibilities to certain employees. If there is an error made it can be tracked down to the person who made it because they were to sole party responsible for the error.In the company where I work we have only one person in charge of our PO's (purchase orders). If these PO's are wrong in any manner the managers know where to go to find the person responsible for causing the error.Segregation of dutiesThe person who is in control of the purchasing for a company is not the one who can be in control of what is purchased.This tactic works well here at my current job as well. Years past the person in charge of the PO's was also the person in charge of deciding what the company needed to purchase, bad idea. Now it is separate, we have two people who are in charge of ordering what the company needs but they need to get a PO before the purchase can be made.Documentation proceduresThis is a method by which the company can track every bit of spending done by its employees. It also helps to control what is spent and how it is spent. By documenting all transactions made, whether it is a pu

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