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Business, 29.10.2021 04:10 DASASDAEDWEDA

The following control procedures are used at Torres Company for over-the-counter cash receipts. (a) For each procedure, explain the weakness in internal control, and identify the control principle that is violated. (b) For each weakness, suggest a change in procedure that will result in good internal control. 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked briefcase in the stockroom until it is deposited in the bank. (a) Weakness: select an option Cash is not adequately protected from theft.

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The following control procedures are used at Torres Company for over-the-counter cash receipts. (a)...
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