For each control discuss the tests of controls you would perform to assess its operating effectiveness.© BrainMass Inc. brainmass.com June 4, 2020, 1:17 am ad1c9bdddf
1. Maintaining a log of all cash that comes into the business - by maintaining a separate log, either handwritten or electronically, it can be verified against accounts receivables, invoices, and other internal documentation to determine if it is a reliable and effective procedure, operating as a control. Separate logs of cash coming in and going out, which can be reviewed, are reliable tests of controls for cash.
2. Maintain a ...
The solution provides discussion on four controls that can aid in preventing and detecting cash receipts fraud, and the tests of controls that would be performed for each control.