Final answer:
The least concerning weakness in cash disbursement procedures is signed checks being distributed by the controller to approved payees, as it can be mitigated with proper controls. Other weaknesses listed pose more significant risks to the company's internal control system.
Step-by-step explanation:
Among the listed control weaknesses in cash disbursement procedures, signed checks being distributed by the controller to approved payees should cause the least concern. This is because as long as the controller is a trusted employee and the payees are approved, this step does not inherently imply a significant control weakness compared to the other options. Control measures such as segregation of duties (having different people responsible for different parts of the process) and proper authorization (to ensure the payment is legitimate) can mitigate the risks.
The other options present more significant concerns: checks being signed by only one person can lead to unauthorized disbursements; the treasurer failing to confirm the validity of payees could lead to money being sent to fraudulent parties; and making cash disbursements out of cash receipts can lead to misappropriation of funds and does not allow for a proper audit trail.
For example, if a young employee is accused of theft due to a cash drawer being consistently short, this situation must be handled with care and a proper investigation. To deal with the label, the employee could balance the cash drawer promptly every day, hand over the cash drawer to a superior in the presence of a witness when their shift ends, or request surveillance footage review if available to demonstrate their innocence.