About Lesson
There are many risks in the cash receipts process, such as:
Incomplete or invalid customer orders are received
Uncollectible accounts
Wrong order is delivered to the customer
Failure to bill customer
Error in billing customer
Wrong amounts are posted to accounts receivable
Invalid credit to customer
Qs: Thinking back to the risks we discussed in our last module – what do you think are the risks associated with the cash receipts process?
Qs: Any idea what types of controls could be used to mitigate these risks? Think about the example we just looked at
There are many risks in the cash receipts process, such as:
Cash received is not deposited (theft)
Cash receipt is inaccurately recorded
Cash receipt is not recorded
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