As you mentioned, revenue does need to be reported correctly and companies have come up with some interesting ways of recognizing (or attempting to recognize) revenue. What specific control procedures (in addition to separation of duties and responsibilities) should be in place and operating in internal controls governing revenue recognition and cash accounting?© BrainMass Inc. brainmass.com October 10, 2019, 7:01 am ad1c9bdddf
In terms of revenue recognition and cash accounting, all personnel should be held accountable for their accounting entries. Even with a good separation of duties, there is still a need for additional ...
This solution explains the additional control procedures and internal controls that should be in place in regards to the proper recognition of revenue.