The monthly bank statement should be received and reconciled by the same employee who deposits cash receipts and writes the checks.

Question

Quizplus · Accepted Answer

The employee who deposits cash receipts and writes checks should not also reconcile the bank statement as it creates a lack of segregation of duties and increases the risk of errors or fraud. Ideally, a different employee or department should perform bank statement reconciliation.

The Monthly Bank Statement Should Be Received and Reconciled by the Same