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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Week Eight General Discussion Question

Week Eight General Discussion Question

Q Reply to the following instructor's general discussion question(s) according to the discussion board guidelines. Appendix 7A of Chapter 7 discusses controls to safeguard cash. Speak to the importance of internal controls over cash. Name some specific procedures or protocols. You may discuss the procedures found in the text or other procedures not mentioned, such as segregation of duties or the voucher system for cash disbursements. What have been some of your experiences?

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Internal controls over cash are essential for any organization to safeguard against fraud, money theft, and mistakes in financial reporting. Organizations can guarantee their financial transactions' accuracy, legitimacy, and completeness by implementing adequate internal controls. One critical internal control over cash is using a voucher system for cash disbursements. The voucher system ensures that all cash disbursements are duly authorized, adequately supported by pertinent evidence, and accurately recorded in the accounting system.