Internal Control Procedures
Response to the following problem:
You are opening a summer business, a chain of three drive-through snow-cone stands. You have hired other college students to work and have purchased a cash register with locked-in tapes. You retain one key, and the other is available to the lead person on each shift.
Required
1. Write a list of the procedures for all employees to follow when ringing up sales and giving change.
2. Write a list of the procedures for the lead person to follow in closing out at the end of the day. Be specific so that employees will have few if any questions.
3. What is your main concern in the design of internal control for the snow-cone stands? How did you address that concern? Be specific.