The cornerstone of the internal control of cash is:

Question

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The bank reconciliation is the cornerstone of the internal control of cash because it ensures that the amounts recorded in the company's cash account are accurate and complete. The reconciliation process involves comparing the company's records of cash transactions with those of the bank, and resolving any discrepancies. This helps to detect errors or fraud in the company's cash transactions, and ensures that cash is properly accounted for and safeguarded. While a strong safe, petty cash system, and double entry accounting system are all important components of internal control for cash, none of them is as central as the bank reconciliation.

The Cornerstone of the Internal Control of Cash Is