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2.4 Mancosa students make cash payments for student fees on the 1st floor in Durban. Discuss...

2.4 Mancosa students make cash payments for student fees on the 1st floor in Durban. Discuss how effective segregation of duties can be implemented relating to this cash if there are three staff employed in the finance office.

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Answer #1

Segregation of duties is the most effective internal control. For implementation of effective segregation of duties, different employees should perform different duties of a particular task. Segregation of duties helps employees to avoid any errors or engaging in any fraudulent activity.

The effective segregation of duties that can be implemented relating to this cash if there are three staff employed in the finance office are:

One employee should only collect incoming funds i.e. collect cash payments for student fees on the 1st floor in Durban by Mancosa students.

Second employee should prepare cash receipts/ reports, he should record the cash received into the books of account and prepare reports.

Third employee should reconcile funds deposited i.e. he should reconcile the cash shown in books of account with the amount of physical cash received.

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