Question

A small nonprofit organization, a junior football league, discovered that its treasurer had stolen more than $50,000 from the league over a two-year period. The treasurer had sole responsibility for writing and depositing checks. What internal control policies should have been in place to prevent such theft?

Answer 1

Internal control policies that should have been put in place in order to prevent the theft would have been-

A. It would have been a synchronised system in which management of company can keep a check on the the required deductions and payments

B. An internal check regularly can also have been better in order to to maintain the better internal control

C.an audit trail can also help the company in maintenance of a better internal control

D. Regular management checks and synchronisation of the books of accounts of these companies can also help in order to maintenance of fair disclosure of these books

E. Centralised system can also be maintained which can help in matching off with the the required payments and receipts

these are the options the non profitable companies can have in order to prevent from any kind of fraud and misadventure