Auditing unit 5 Journal

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Cash — Internal Controls Over Cash in Your Life

Provide an original and substantive response to the questions posed in your Journal in a minimum of 200 words.

Cash presents unique risks and internal control issues due to the high liquidity and high volume of transactions. We all make purchases at retail outlets, probably several times each week.

Think about your recent purchases at a gas station, grocery store, movie theater, restaurant, etc. Pick two of your recent cash (debit/credit, check, etc.) transactions.

  • Discuss both the risks presented in processing your transactions as well as the controls you noticed (or would expect to find) in those establishments to safeguard your purchase.
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