To ensure that all customer remittances received by the bank are posted when a lockbox is being used,control procedures should require that all remittance advices be sent by the bank to the client.

Question

Quizplus · Accepted Answer

By sending all remittance advices to the client, the bank ensures that the client has a record of all payments made, which can be compared to their own records to verify that all payments were received and correctly posted. This helps to prevent errors, omissions, or intentional misappropriation of funds by bank employees.

To Ensure That All Customer Remittances Received by the Bank