This assignment must be based on the Apollo Shoes case (see attachments).© BrainMass Inc. brainmass.com June 4, 2020, 3:07 am ad1c9bdddf
Here is how I would handle a proposal for internal controls over cash:
Apollo Shoes deals with a large amount of cash, as apparent through their bank statements. The outstanding checks are a significant issue due to the amounts. The person that is reconciling the bank statement should be forwarding the outstanding checks list to a second person, who then enters the outstanding checks on a computer ledger. When the outstanding checks are cashed the following month, the first person should then note the checks as no longer outstanding on the ledger. The second person then checks the ...
Apollo Shoes case: This solution designs a sample proposal for internal controls to cover cash and accounts receivable on the Apollo Shoes Warehouse case.