14 May LIST AND EXPLAIN THE WEAKNESS IN THE EXISTING INTERNAL CONTROL OVER CASH ENTRANCE FEES?
The Antiques Society operates a museum for viewing and the benefit and enjoyment of the local community. When the museum is open to the local public, there are two clerks who collect a $10 admission fee from each non member of the community. Members of the Antique Society can enter free of charge.
When the museum closes at the end of the day, one of the clerks delivers the proceeds to the treasurer. The treasurer counts the cash in the presence of the clerk and places it in a safe. Every Friday afternoon the treasurer and one of the clerks deliver all the cash held in the bank and receive an authenticated deposit slip that provides the basis for the weekly entry in the cash receipts journal.
The board of directors of the Antiques Society has identified a need to improve the controls over cash entrance money. The board has determined that the cost of installing turnstiles and the altering of the layout of the museum entrance will greatly exceed any benefits that may be derived. However, the board has agreed that the sale of the entrance tickets must be an integral part of the improvements.
You have been asked by the board of directors to review the internal controls over cash entrance fees and provide suggestions for improvements.
(a) List and explain the weakness in the existing internal control over cash entrance fees?
(b) List and explain the recommendations for improvement for each of the weakness identified?
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