Question

  -- What steps might an organization take to protect outgoing bank deposits from cash larceny shcemes? Which ones do you believe would be most effective and Why?--

Answer 1

The steps that might an organization take to protect outgoing bank deposits from cash larceny schemes:-

1.) Separating the duties of receiving and opening of the mail and preparing the deposit slip
2.) Segregating the functions for taking deposits to the bank and recording the transactions
3.) Maintaining more than one copy of the deposit slip to be matched and reconciled with the bank's receipts of deposits
4.) Examining the bank deposit slip for alterations
5.) Reconciling the bank statement with the book balance by a person who is not also involved with the custody function for cash.