Audit committee to review the internal control system

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Reference no: EM131205057

Internal Control The university drama club is planning a raffle. The president overheard you talking about internal control to another accounting student, so she asked you to set up some guidelines to "make sure" that all money collected for the raffle is accounted for by the club. Required: 1. All of the following are possible guidelines the club should follow to achieve an acceptable level of internal control EXCEPT for: payment by check of any expenses associated with the raffle. segregation of duties for collecting cash, counting and recording cash, and depositing cash in a bank account. Establishing an audit committee to review the internal control system. Pre numbered tickets. 2. Which of the following is correct in regards to the president's request that she "be sure" all money is collected and recorded? It is impossible to be completely sure that there are no human errors in counting and handling the cash. It is possible to prevent collusion from occurring if two or more individuals work together to misdirect any of the cash. It is possible to be completely sure that there are no human errors in counting and handling the cash. Fraud will never happen if there is a strong internal control system.

Reference no: EM131205057

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