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Booster Club Case Study

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3. Do you think BISD has effectively identified risks surrounding purchases from vendors and cash receipts? Identify these risk, and suggest procedures that should be implemented in response to those risk.
A. I do think that BISD has identified risk, but I also believe that they could have missed other risk also.
Risk:
A. Incorrect check amount is recorded. The person who receives the check and writes the receipt should not be making the deposits. Another person should be in charge of depositing the checks.
B. Cash not recorded properly. The cash record should be done so in a bound and be pre-numbered receipt book. Just like with the checks the person who receives and records the cash should not be making the deposit.
C. Check distribution is not properly recorded. A procedure should be in …show more content…
An example of internal communication is an instruction manual on how booster club funds can be used. This way there will be guidelines for the board member to follow.
B. There should be monthly meetings of the booster club and the vise-principle should be there so that the administration is clued in to what is going on.
C. Monthly emails should be sent out to members of the booster club. With monthly updates that include financial information should be used.
D. Voting. If the booster club wants to spend a certain number of dollars over a certain amount then the booster club should have to vote on it.
5. What types of monitoring activities should BISD administration implement? Who should perform those activities, and how often should they be performed? Relate your answers to specific scenarios presented in the case.
A. The first type of monitoring that should been done is, reconciliation of the accounts. The treasure and the vise principle should perform the activities, but the booster club members get a report every month. If monthly reconciliation was being performed, Lambert would not have been able to write checks that totaled $25,381.00 without someone catching

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