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Preparing Comprehensive Bank Reconciliation with Theft and Internal Control Deficiencies (Example)

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Bank reconciliation report. DAISEY COMPANY. Bank reconciliation report Date- October 31 2017 Balance as Per Bank Statement $18 380.00 Added Undeposited Receipts $3 795.51 Less the Outstanding Checks No. Amount No. Amount No.62 $140.75 No. 862 $190.71 No.183 $180.00 No.863 $226.80 No. 284 $253.25 No. 864 $165.28 Total Outstanding Checks $1 156.79 Adjusted Balance Per Bank $21 018.72 Cash Balance Per Bank $21 877.72 Add Bank Credit (Collection of Notes Receivable) Receivable) $185.00 Adjusted Balance Per books before Theft $22 062.72 Less Value of Theft (22062.72 - 21018.72) $1 044.00 Adjusted Balance Per Books   $21 018.72 Principles of internal control that were violated Internal controls are an accounting process that is designed to ensure there is a reliable financial reporting break the monotony of one person overstaying in a certain department. Employees overstaying in one department leads to the twisting of arms with the company’s accounts like in the case of Daisey Company. Bret having been in in that section alone and having a combination of tasks he takes advantage because after all no one else was to get to the same section and realize the mistake he had done. The principle aims in the interference of employee’s independence thus preventing any possible misconduct. Conclusion.It is advisable that the principles of internal control should be followed to the letter and not assumed. It has a great impact on the running of a particular company especially when cases of fraud occur. [...]

Order Description:

I need this completed by Sunday 6 pm MST. Please see the attachments for instructions on how to complete the assignment.

Subject Area: Accounting

Document Type: Paraphrasing

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $25

Words 825

Pages 3

Completed in 5 days


Client Review

Great job, on time no worries. Would use this writer again.


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