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GUS201- Financial Accounting ter 7 - Internal Control Class Exercise Nathan Jacobs has worked for Carlson Associates for several years. Nathan demonstrates a loyalty that is rare among employees. He hasnt taken a vacation in the last three years. One of Nathans primary duties at the practice is to open the mail and list the checks received He also takes cash from customers as they leave their appointment. At times it is so hectic that Nathan doesnt bother with giving clients a receipt for the cash paid on their accounts. e assures them he will see to it that they receive the proper credit. When the traffic is slow in the office Nathan offers to help Joan post the payments to the patients accounts receivable. She is always happy to receive his help, because he is a very conscientious worker Instructions: Identify any of the following principles of internal control that may be violated in this office situation. a. b. c. Establishment of responsibility Segregation of duties Physical control devices d. Documentation procedures e. Independent internal verification f. Human resource controls
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