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Office of then e w Y o r k S t a t e C o m p t r o ll e r Di vision of Local Government & School AccountabilityTown of Avon Internal Controls Over Cash Receipts and Disbursements Report of Examination
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Internal controls over cash refer to the policies and procedures implemented by a company to ensure the proper handling, safeguarding, and recording of cash transactions.
All companies, regardless of size or industry, are required to establish and maintain internal controls over cash to ensure the accuracy and reliability of their financial records.
Filling out internal controls over cash involves documenting the control activities, such as segregation of duties, authorization procedures, and reconciliation processes, implemented by the company. This information is typically included in internal control documentation or reports.
The purpose of internal controls over cash is to prevent fraud, errors, and misappropriation of funds, ensure the accuracy of financial reporting, and safeguard the company's assets and resources.
The information reported on internal controls over cash includes the control activities implemented, such as cash handling procedures, bank reconciliations, cash authorization processes, and any other relevant control measures.
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