Question

An employee has been stealing funds from the company for years. Which of the following control methods would have most likely uncovered this sooner? Question 10 options: Close a petty cash fund Audit the supply account Complete a bank reconciliation Set-up a petty cash fund

Answer 1

Complete a bank reconciliation

Explanation:

A bank reconciliation is the process where the financial records of the bank is compared with the firm's financial record. If an employee has been stealing funds from the company, there would be a discrepancy between the figures provided by the record.

In a bid to know the reason for the discrepancy, the theft would be detected